A lawsuit was filed on behalf of investors in SVB Financial Group (NASDAQ:SIVB) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/04/2023 -- The Shareholders Foundation announced that an investor, who purchased shares of SVB Financial Group (NASDAQ: SIVB), filed a lawsuit over alleged violations of Federal Securities Laws by SVB Financial Group.
Investors who purchased a significant amount of shares of SVB Financial Group (NASDAQ: SIVB) have certain options and for certain investors are short and strict deadlines running. Deadline: May 12, 2023. NASDAQ: SIVB investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Santa Clara, CA based SVB Financial Group, a diversified financial services company, offers various banking and financial products and services.
On March 8, 2023, SVB Financial Group released an announcement entitled, "SVB Financial Group Announces Proposed Offerings of Common Stock and Mandatory Convertible Preferred Stock." (the "March 8 Press Release"). In the March 8 Press Release, the Company announced, in pertinent part, the following: "SVB sold approximately $21 billion of securities, which will result in an after tax loss of approximately $1.8 billion in the first quarter of 2023."
On March 17, 2023, SVB Financial Group said it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators.
The plaintiff claims that between June 16, 2021 and March 10, 2023, the defendants made false and/or misleading statements and/or failed to disclose that the Company failed to disclose to investors the risks presented by impending rising interest rates, that the Company failed to disclose to investors that, in an environment with high interest rates, it would be worse off than banks that did not cater to tech startups and venture capital-backed companies, that the Company failed to disclose that, if its investments were negatively affected by rising interest rates, it was particularly susceptible to a bank run, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of SVB Financial Group (NASDAQ: SIVB) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.