LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz continues its investigation of SVB Financial Group (“SVB” or the “Company”) (NASDAQ: SIVB) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On March 8, 2023, SVB announced that it intends to raise more than $2 billion, including $500 million from the private equity firm General Atlantic, and $1.75 billion through public offerings. The Company also disclosed that it sold approximately $21 billion of its securities portfolio, which will result in an after-tax loss of roughly $1.8 billion in the first quarter of 2023.
On this news, SVB’s stock price fell $161.79, or 60.4%, to close at $106.04 per share on March 9, 2023, thereby injuring investors.
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If you purchased SVB securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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