Berman Tabacco Announces Lead Plaintiff Deadline in Securities Class Action Against Silvergate Capital Corporation (SI) with Expanded Class Period

Boston, Massachusetts--(Newsfile Corp. - January 11, 2023) - Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Silvergate Capital Corporation (NYSE: SI) ("Silvergate" or the "Company"). On December 7, 2022, a securities class action lawsuit was filed in U.S. District Court in the Southern District of California on behalf of "persons and entities that purchased or otherwise acquired Silvergate securities between November 9, 2021 and November 17, 2022, inclusive." On January 10, 2023, another class action was filed expanding the class period from November 9, 2021 to January 5, 2023 (the "Expanded Class Period").

How to Seek Appointment as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than February 6, 2023. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. An investor's ability to share in any potential future recovery is not dependent upon serving as Lead Plaintiff.

If you sustained significant losses from your transactions in Silvergate securities during the Expanded Class Period and are interested in learning more about serving as Lead Plaintiff, please provide your information here: Shareholder Contact | Berman Tabacco.

A Lead Plaintiff is appointed by the court to represent the members of the putative class in the lawsuit. Typically, the Lead Plaintiff is the applicant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

No Responsibility for Attorney's Fees or Expenses

Berman Tabacco typically represents individuals and entities in class actions on a contingency fee basis, meaning we advance all attorneys' fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys' fees and the reimbursement of expenses from any settlement fund. If we are not successful, you will not be responsible for the reimbursement of attorneys' fees or expenses.

About the Lawsuit

The class action complaint alleges, among other things, that "[t]hroughout the Class Period, 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, Defendants failed to disclose to investors: (1) that 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, 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) that, 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." Further, "[d]uring the Class Period, Plaintiff and the Class purchased Silvergate's securities at artificially inflated prices and were damaged thereby. The price of the Company's securities significantly declined when the misrepresentations made to the market, and/or the information alleged herein to have been concealed from the market, and/or the effects thereof, were revealed, causing investors' losses."

About Berman Tabacco

Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151041