The weekend arrived as a nightmare for Silicon Vally Bank (SVB), with its foundation crumbling and taking down multiple other companies. Now shareholders have initiated a lawsuit against SVB Financial Group, Chief Executive Greg Becker, and Chief Financial Officer Daniel Beck.
Shareholders led by Chandra Vanipenta accused SVB and executives of covering up the fact that the Silicon Valley Bank would become “particularly susceptible” to a bank run as interest rates rose.
According to the Reuters report, “the lawsuit seeks unspecified damages for SVB investors between June 16, 2021, and March 10, 2023.”
The Silicon Valley Bank crashed with a $1.8 billion after-tax loss from investment sales, shocking the world. Brace yourselves as more lawsuits may be on the way, as this event is one of the biggest collapses in history since the Great Financial Crisis in 2008.
Also Read: Treasury Secretary Janet Yellen says No to Silicon Valley Bank Bailout
