Anonymous sources say the U.S. DOJ and the SEC are investigating the collapse of Silicon Valley Bank SVB.
Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders
The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank.
Report Says Investigations Into Silicon Valley Bank’s Collapse Include Stock Sales by Senior Executives SVB Financial Group, the parent company of Silicon Valley Bank, and its CEO Greg Becker and CFO Daniel Beck have been named in a lawsuit, according to reports on March 13th. Reutersthat the proposed class action accuses the bank and senior executives of hiding the potential harm that rising interest rates could cause to the now-failed financial institution. The class action was filed in federal court in San Jose, California, and is led by Chandra Vanipenta, who is representing SVB shareholders.
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