CEO Greg Becker and CFO Daniel Beck of Silicon Valley Bank (SVB) are being sued by shareholders for fraud.
Shareholders say that SVB should have disclosed how rising interest rates would undermine the bank’s business model, and explained to customers how it would be worse off than banks with more disparate customer bases.
The lawsuit will seek an unspecified amount of damages to investors from between June 16, 2021, and March 10, 2023.