Boston, Massachusetts--(Newsfile Corp. - January 11, 2023) - Block & Leviton announces that a class action lawsuit has been filed against Silvergate Capital Corp. (NYSE: SI) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firmto learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/si.
What is this all about?
On November 15, 2022, Marcus Aurelius Research revealed that "[r]ecently subpoenaed Silvergate bank records reveal $425 million in transfers from $SI crypto bank accounts to South American money launderers." On November 17, 2022, The Bear Cave newsletter released an article about several companies with potential exposure to recently collapsed cryptocurrency exchange FTX, including Silvergate, highlighting the alleged connection between Silvergate and the money laundering operation referenced by Marcus Aurelius Research.
Shares of Silvergate Capital Corporation stock dropped 17% on November 15, 2022, and a further 10.7% on November 18, 2022, on unusually heavy trading volume.
A complaint for alleged securities law violations was filed in the U.S. District Court for the Southern District of California on December 7, 2022. The complaint alleges that Silvergate mislead investors about its compliance with applicable regulations, while concealing its exposure to regulatory risk relating to anti-money laundering rules.
Who is eligible?
Anyone who purchased Silvergate Capital Corp. stock between November 9, 2021 and January 5, 2023, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is February 6, 2023. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
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