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Silicon Valley Bank Crisis: Class action suit filed against parent company
Updated On: 14 March, 2023 07:31 PM IST | New York | AP
The lawsuit from shareholders led by Chandra Vanipenta says some quarterly and annual financial reports from SVB didn`t fully account for warnings from the Federal Reserve about interest rate hikes
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A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn`t disclose the risks that future interest rate increases would have on its business.
The lawsuit against SVB Financial Group, CEO Greg Becker and CFO Daniel Beck was filed in the U.S. district court for the Northern district of California. It is looking for unspecified damages to be awarded to those who invested in SVB between June 16, 2021 and March 10, 2023.
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