NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces that it is investigating potential securities claims and preparing a class action lawsuit on behalf of shareholders of SVB Financial Group (NASDAQ: SIVB, SIVBP) resulting from allegations that SVB may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased SVB securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=12882 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On March 8, 2023, after trading hours, SVB shocked the market when it 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. Amidst these losses, it was reported that SVB’s 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.” It was also reported 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.
On this news, the price of SVB’s stock plummeted $161.79, or over 60%, resulting in multiple trading halts due to extreme volatility, before closing at $106.04 per share. The losses didn’t stop there: SVB stock continued to fall by as much as 28% in after-hours trading.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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