Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of investors of SVB Financial Group (“SVB” or “the Company”) (NASDAQ: SIVB, SIVBP). SVB investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/sivb.
The investigation concerns whether SVB violated federal securities laws.
On March 8, 2023, SVB announced that it planned to raise nearly $2 billion, and that it would take a $1.8 billion loss on the sale of $21 billion worth of securities. SVB also said that its CEO, Greg Becker, had stated in a letter to investors, “while VC (venture capital) deployment has tracked our expectations, client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.” The company added that various venture capital funds, including Peter Thiel’s Founders Fund, had advised their portfolio companies to pull their money out of SVB accounts, triggering a run on SVB. Following this news, SVB stock dropped $161.79, or roughly 60%, resulting in trading halts due to extreme volatility before closing at $106.04 per share.
If you are aware of any facts relating to this investigation or purchased SVB shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/sivb. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005298/en/
Contacts
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com
