Silvergate Class Action Alert: Expanded Class Period Announced: Johnson Fistel

SAN DIEGO, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Silvergate Capital Corporation (NYSE: SI) (“Silvergate” or the “Company”). The class action is on behalf of shareholders who purchased Silvergate between November 9, 2021 and January 5, 2023, both dates inclusive (the “Class Period”). Investors are hereby notified that they have until February 6, 2023, to move the Court to serve as lead plaintiff in this action.

What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.

To join this action, you can click or copy and paste the link below into a browser:

https://www.johnsonfistel.com/investigations/silvergate-capital-corporation-2

There is no cost or obligation to you.

According to the lawsuit, throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the defendants failed to disclose to investors that: (1) the Company’s platform lacked sufficient controls and procedures to detect instances of money laundering; (2) Silvergate’s customers had engaged in money laundering in amounts exceeding $425 million; (3) as a result of the foregoing, the Company was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm; and (4) as a result of the foregoing, defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

A lead plaintiff will act 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 class-action lawsuit. An investor's ability to share any potential future recovery of the Silvergate class action lawsuit is not dependent upon serving as lead plaintiff.

For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
[email protected]