Silvergate Capital Investors Who Have Held Silvergate Stock Since At Least November 14, 2022 Encouraged to Contact Kehoe Law Firm, P.C. – Breach of Fiduciary Duties Investigation
Kehoe Law Firm, P.C. is investigating whether certain directors and officers of Silvergate Capital Corporation (“Silvergate” or “Silvergate Capital”) (NYSE: SI) breached their fiduciary duties to Silvergate and its shareholders.
The investigation concerns whether Silvergate Capital’s board failed to disclose material information, including whether Silvergate misled investors and failed to disclose that (i) Silvergate’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; and (3) as a result of the foregoing, Silvergate was reasonably likely to receive regulatory scrutiny and face damages, including penalties and reputational harm; and whether statements about Silvergate Capital’s business, operations, and prospects lacked a reasonable basis.
On November 15, 2022, Marcus Aurelius Research stated that recently-revealed Silvergate bank records showed $425 million in transfers to South American money launderers. On November 17, 2022, The Bear Cave reported on several companies with potential exposure to the recently collapsed cryptocurrency exchange FTX, including Silvergate. On January 5, 2023, multiple media reports indicated that Silvergate customers withdrew around $8.1 billion in digital-asset deposits in the fourth quarter of 2022, causing Silvergate to sell assets at a steep loss and fire 40 percent of its staff.
SILVERGATE CAPITAL INVESTORS WHO HAVE HELD THEIR SILVERGATE STOCK SINCE AT LEAST NOVEMBER 14, 2022 ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C. AND PROVIDE DETAILS OF THEIR SECURITIES.
SHAREHOLDERS OF SILVERGATE WHO HAVE HELD THEIR STOCK SINCE AT LEAST NOVEMBER 14, 2022 ARE ALSO ENCOURAGED TO CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
