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Silvergate Capital Corp. Class Action Lawsuit - SI, SI PRA

4 days left to seek lead plaintiff status

Case Summary

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The Silvergate class action lawsuit seeks to represent purchasers or acquirers of: (a) Silvergate Capital Corp. (NYSE: SI, SI PRA) securities between November 11, 2020 and January 5, 2023, inclusive (the “Class Period”); (b) Silvergate Class A common stock pursuant and/or traceable to Silvergate’s secondary public offering (“SPO”) conducted on or around January 20, 2021; and/or (c) Silvergate Class A common stock pursuant and/or traceable to Silvergate’s SPO conducted on or around December 6, 2021 and charges Silvergate and certain of its top executives, directors, and underwriters with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.  The Silvergate class action lawsuit was commenced on December 7, 2022 and is captioned In re Silvergate Capital Corporation Securities Litigation, No. 22-cv-01936 (S.D. Cal.).  A subsequently filed case – captioned International Union of Operating Engineers, Local No. 793, Members Pension Benefit Trust of Ontario v. Silvergate Capital Corporation, No. 23-cv-00099 – is also pending in the Southern District of California.

If you suffered substantial losses and wish to serve as lead plaintiff of the Silvergate class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Silvergate class action lawsuit must be filed with the court no later than February 6, 2023.

CASE ALLEGATIONS: Silvergate is a digital currency company.  Silvergate’s platform, the Silvergate Exchange Network, provides payments, lending, and funding solutions for an expanding class of digital currency companies and investors. 

The Silvergate class action lawsuit alleges that, throughout the Class Period and in connection with the January 2021 SPO and December 2021 SPO, defendants made false and/or misleading statements and/or failed to disclose that: (i) Silvergate’s platform lacked sufficient controls and procedures to detect instances of money laundering; (ii) Silvergate’s customers had engaged in money laundering in amounts exceeding $425 million; and (iii) as a result of the foregoing, Silvergate was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired: (a) Silvergate securities between November 11, 2020 and January 5, 2023, inclusive (the “Class Period”); (b) Silvergate Class A common stock pursuant and/or traceable to Silvergate’s SPO conducted on or around January 20, 2021; and/or (c) Silvergate Class A common stock pursuant and/or traceable to Silvergate’s SPO conducted on or around December 6, 2021 to seek appointment as lead plaintiff in the Silvergate class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Silvergate class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Silvergate class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Silvergate class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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