BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Silvergate Capital Corporation (“Silvergate” or the “Company”) (NYSE: SI) investors concerning the Company’s possible violations of federal securities laws.
On November 17, 2022, The Bear Cave newsletter released an article about several companies with potential exposures to recently collapsed cryptocurrency exchange FTX, including Silvergate. The article highlighted a connection linking Silvergate to a money laundering operation that transferred $425 million off cryptocurrency trading platforms.
On this news, Silvergate’s stock price fell $3.00 per share, or 10%, on November 18, 2022 to close at $24.90 per share.
On November 20, 2022, The Wall Street Journal published an article entitled “Crypto Bank Silvergate Battles FTX Contagion Fears: The collapse of Sam Bankman-Fried’s empire has sparked investor fears about banks that courted crypto companies” which, among other things, stated “[o]n Friday, crypto-trading platform FalconX told its customers it was no longer using Silvergate. FalconX said the elevated risk in the crypto market required extra caution and told customers its decision was ‘consistent with other market players.’”
If you purchased Silvergate securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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