ACCESS Newswire
19 Jan 2023, 20:13 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / January 19, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP recommends that Silvergate Capital Corporation ('Silvergate' or the 'Company') investors who suffered losses from trading Silvergate securities (NYSE:SI) between November 9, 2021 and January 5, 2023 contact our attorneys immediately regarding the pending securities fraud class action against Silvergate. The deadline to apply to be a lead plaintiff is February 6, 2023.
Class Period: November 9, 2021 - January 5, 2023
Lead Plaintiff Motion Deadline: February 6, 2023
Case information: lieffcabraser.com/securities/silvergate/
Contact us: Email or text [email protected] or call 1-800-541-7358
The securities class action alleges that Silvergate and certain of its senior executives misled investors by failing to disclose that Silvergate, which provides payments, lending, and funding solutions for digital currency companies and investors, did not have adequate controls for detecting and preventing money laundering and failing to disclose that the Silvergate platform was used to launder more than $425 million.
On November 15, 2022, research firm Marcus Aurelius Value tweeted that subpoenaed Silvergate bank records suggested that over $425 million had been laundered using the Silvergate platform. On this news, the price of Silvergate Class A common stock fell $6.13 per share, or 17.27%, from its closing price of $35.49 on November 14, 2022, to close at $29.36 on November 15, 2022, on elevated trading volume.
On November 17, 2022, the newsletter The Bear Cave published an article about multiple companies with potential negative exposure to the FTX cryptocurrency exchange collapse. The article connected Silvergate with a money laundering operation that laundered $425 million through cryptocurrency trading platforms. On this news, the price of Silvergate Class A common stock fell $3.00 per share, or 10.75%, from its closing price of $27.90 on November 16, 2022, to close at $24.90 on November 17, 2022, on elevated trading volume.
On January 5, 2023, Silvergate announced that its total deposits from digital asset customers had declined by $3.8 billion, or 68%, between September and December 2022. On the same day, The Wall Street Journal reported that Silvergate's deposit declines exceeded most banks' deposit losses during the Great Depression. On this news, the price of Silvergate Class A common stock fell $9.38 per share, or 42.73%, from its closing price of $21.95 on January 4, 2023, to close at $12.57 on January 5, 2023, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a 'Plaintiffs' Powerhouse' by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
CONTACT
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
[email protected]
SOURCE: Lieff Cabraser Heimann & Bernstein
Get a daily dose of California Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to California Telegraph.
More InformationISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...