Silvergate Capital Is The Target Of Class Action Lawsuit For Violating The Securities Law

Key Points:

• Silvergate Capital by Pomerantz LLP, a company that defends the rights of investors who have been scammed for claimed violations of the Securities Exchange Act.
• Silvergate Capital committed violations of the Securities Exchange Act of 1934.
• Silvergate’s Class A common stock price fell significantly on two separate occasions during the Class period.

A class action complaint was brought against Silvergate Capital by Pomerantz LLP, a company that defends the rights of investors who have been scammed for claimed violations of the Securities Exchange Act.

On behalf of all people and organizations who bought or acquired Silvergate shares between November 9, 2021, and November 17, 2022 (the “Class Period”), the complaint was filed in the US District Court for the Southern District of California.

According to the class action lawsuit, Silvergate Capital committed violations of the Securities Exchange Act of 1934 by:

“False and/or misleading statements, as well as {failing} to disclose material adverse facts about the Company’s business, operations, and prospects.”

Furthermore, the class action accused Silvergate of failing to disclose that:

1. “The company’s platform lacked sufficient controls and procedures to detect instances of money laundering.”
2. “That Silvergate’s customers had engaged in money laundering in amounts exceeding $425 million.”
3. “{That} the company was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm.”

As a result of the alleged actions, Silvergate’s Class A common stock price fell significantly on two separate occasions during the Class period.

Shareholders who purchased Silvergate securities during the Class period have until Feb. 6 to ask the Court to appoint them as a Lead Plaintiff for the class.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News