Silvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries

Silvergate Bank announced it would delay the filing of its annual report on Wednesday, sending its stock price plunging over 10% in after-hours trading.

The crypto-friendly bank has said it would have to delay the filing of its annual 10-K report for the 2022 fiscal year, and would need more than an additional two weeks to complete it.

“The Company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the Company,” the filing said. Silvergate’s accounting firm is also requesting further information, as are its independent auditors.

Source: Silvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries