In re SVB Financial Group Securities Litigation
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA
IN RE SVB FINANCIAL GROUP
SECURITIES LITIGATION Case No. 23-cv-01097-NW
ORDER DENYING EXCHANGE
DEFENDANTS’, KPMG, AND
SECURITIES DEFENDANTS’
MOTIONS TO DISMISS Re: ECF Nos. 121, 122, 123, 124, 125 This is a putative class action for securities fraud against former officers, directors, underwriters, and an auditor of Silicon Valley Bank Financial Group (“SVBFG”), the parent company of Silicon Valley Bank (“SVB” or the “Bank”) (collectively, “Defendants”). Lead Plaintiffs Norges Bank and Sjunde AP-Fonden filed a Consolidated Amended Complaint (“CAC”) alleging violations of Sections 11, 12, and 15 of the Securities Act of 1933 (“Securities Act”) and Sections 10(b), 20(a), and 20A of the Securities Exchange Act of 1934 (“Exchange Act”). CAC, ECF No. 88. Different configurations of defendants filed three motions to dismiss. Defendants to the Exchange Act counts, SVB CEO Gregory W. Becker…