Sep 28, 2023
As the leaves begin to turn and a crispness fills the air, it's time for businesses and PR professionals to turn over a new leaf as well.
SVB Shareholder Action Reminder
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In SVB To Contact Him Directly To Discuss Their Options
March 10, 2023 12:56 PM EST | Source: Faruqi & Faruqi LLP
New York, New York--(Newsfile Corp. - March 10, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against SVB Financial Group ("SVB" or the "Company") (NASDAQ: SIVB) (NASDAQ: SIVBP).
If you suffered losses exceeding $50,000 investing in SVB stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/SIVB.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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 60.41%, to close at $106.04 per share on March 9, 2023. SVB stock continued to fall by as much as 28% in after-hours trading.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158035