A securities class action has been filed against SVB Financial Group (SIVB) on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of SVB between June 16, 2021 through March 10, 2023. This case has been filed in the USDC – N.D.CA.
SVB purports to be “a diversified financial services company, as well as a bank holding company and a financial holding company. SVB Financial was incorporated in the state of Delaware in March 1999. Through our various subsidiaries and divisions, we offer a diverse set of banking and financial products and services to clients across the United States, as well as in key international innovation markets. For nearly 40 years, we have been dedicated to helping support entrepreneurs and clients of all sizes and stages throughout their life cycles, primarily in the technology, life science/healthcare, private equity/venture capital and premium wine industries.”
The complaint alleges that during the Class Period, the Company and the Individual Defendants, individually and in concert, directly or indirectly, disseminated or approved the false statements specified above, which they knew or deliberately disregarded were misleading in that they contained misrepresentations and failed to disclose material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.
As a result, the market price of the Company’s securities was artificially inflated during the Class Period. In ignorance of the falsity of the Company’s and the Individual Defendants’ statements, Plaintiff and the other members of the Class relied on the statements described above and/or the integrity of the market price of the Company’s securities during the Class Period in purchasing the Company’s securities at prices that were artificially inflated as a result of the Company’s and the Individual Defendants’ false and misleading statements.
Had Plaintiff and the other members of the Class been aware that the market price of the Company’s securities had been artificially and falsely inflated by the Company’s and the Individual Defendants’ misleading statements and by the material adverse information which the Company’s and the Individual Defendants did not disclose, they would not have purchased the Company’s securities at the artificially inflated prices that they did, or at all.