The Stilwell Group Comments on the Results of Silvergate's 2024 Annual Meeting
The Stilwell Group Comments on the Results of Silvergate's 2024 Annual Meeting
PR Newswire
NEW YORK, Sept. 30, 2024
NEW YORK, Sept. 30, 2024 /PRNewswire/ -- The Stilwell Group ("Stilwell"), a beneficial owner of 12.4% of Silvergate Capital Corporation ("Silvergate" or the "Company") (OTC: SICP, SICPQ, SICPL), today commented on the outcome of the Company's September 27, 2024 Annual Meeting of Stockholders (the "Annual Meeting").
On Friday, September 27, 2024, Joseph Stilwell was elected to the Silvergate board with more than 10.5 million votes, over 95% of the shares voted. The legacy directors received just over 1 million votes. Despite having set the date, time, and place of the Annual Meeting, none of these directors were able to attend the meeting, according to the Company's lawyer from Cravath, Swaine & Moore LLP.
Four of the legacy directors, Paul D. Colucci, Thomas C. Dircks, Michael T. Lempres (Chairman), and Scott A. Reed, oversaw the demise of Silvergate Bank. They also oversaw previous management whom the Securities and Exchange Commission charged with committing "negligence-based fraud."[1]
Joseph Stilwell says, "I will work to maximize value for the common holders."
Cravath, Swaine & Moore LLP has served as lead counsel for the Company during many months of litigation and the Company's five failed attempts to stop the Annual Meeting.
Investor Contact:
Megan Parisi
(787) 985-2194
mparisi@stilwellgroup.com
[1] See Press Release, SEC Charges Silvergate Capital, Former CEO for Misleading Investors about Compliance Program, Securities and Exchange Commission (July 2, 2024), https://www.sec.gov/newsroom/press-releases/2024-82
View original content:https://www.prnewswire.com/news-releases/the-stilwell-group-comments-on-the-results-of-silvergates-2024-annual-meeting-302262005.html
SOURCE The Stilwell Group
-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks