In re SVB Financial Group Securities Litigation

This is a securities class action filed on behalf of (i) all persons and entities who purchased or otherwise acquired the common stock of Silicon Valley Bank Financial Group, the parent company of Silicon Valley Bank (“SVB” or the “Bank”) between January 21, 2021 and March 10, 2023, inclusive (the “Class Period”), and were damaged thereby; and (ii) all persons or entities who purchased or acquired SVB securities in or traceable to SVB’s securities offerings completed on or about February 2, 2021, March 25, 2021, May 13, 2021, August 12, 2021, October 28, 2021, and April 29, 2022 (collectively, the “Offerings”), and were damaged thereby. The action alleges violations of the Exchange Act of 1934 and violations of the Securities Act of 1933 against certain of SVB’s senior executives, members of the Bank’s Board of Directors, the underwriters of SVB’s public offerings, and the Bank’s auditing firm KPMG, LLP (collectively, “Defendants”). The Honorable Noël Wise is presiding over this case.

After the Court appointed Lead Plaintiffs and approved BLB&G to serve as co-lead counsel, Lead Plaintiffs Norges Bank and Sjunde AP-Fonden, and Additional Plaintiffs Asbestos Workers Philadelphia Welfare and Pension Fund, and Heat & Frost Insulators Local 12 Funds filed the Consolidated Amended Complaint on January 16, 2024. Defendants filed motions to dismiss the action, and on June 13, 2025, Judge Wise denied their motions to dismiss in full, sustaining the Consolidated Amended Complaint in its entirety as to all Defendants.

Following extensive discovery, Plaintiffs moved to file a Second Consolidated Amended Complaint adding Section 10(b) Exchange Act claims against KPMG. On August 5, 2026, Judge Wise granted Lead Plaintiffs’ motion to amend and denied KPMG’s motion to dismiss, allowing the new Exchange Act claims against KPMG to proceed. On August 20, 2026, Plaintiffs filed the Second Consolidated Amended Complaint.

Discovery is ongoing.