Cameron N. Verdi v. Federal Deposit Insurance Corporation

I. BACKGROUND

According to the First Amended Complaint (“FAC”), Verdi purchased Signature’s publicly traded securities between March 1, 2022, and March 10, 2023. (FAC, Dkt. No. 1-8, at 2.) Some of the shares were purchased after Signature made public statements, such as those announcing its decreased exposure to the crypto industry and strong financial position in the wake of Silicon Valley Bank’s failure. (Id. at 5–6.) Trading in Signature’s shares were halted from March 10, 2023, to March 28, 2023. (Id. at 19.) On

CENTRAL DISTRICT OF CALIFORNIA

CIVIL MINUTES - GENERAL

Case No. 8:23-cv-01206-JVS(KESx) Date September 28, 2023 Title Cameron N. Verdi vs. Federal Deposit Insurance Corp. et al. All depositors of [Signature] will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. (FAC at 9–10.) FDIC-R was appointed Receiver for Signature that month. …