Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Auditor and underwriters cited in SVB collapse lawsuit By: FOX Business April 08, 2023 at 04:52 AM EDT A lawsuit has been filed citing the auditor and underwriters concerning the collapse of Silicon Valley Bank. The complaint was filed Friday in a San Francisco federal court. An auditor and underwriters have reportedly been named for the first time in a lawsuit concerning the collapse of Silicon Valley Bank.SVB's auditor KMPG along with underwriters including Goldman Sachs, Bank of America and Morgan Stanley, in an investor lawsuit based on alleged misstatements leading to the bank’s collapse, according to Bloomberg.The complaint was filed Friday in the federal court in San Francisco.The suit names Silicon Valley Bank Chief Executive Officer Greg Becker and other bank directors and officers as defendants. FDIC SAYS FIRST CITIZENS BANK HAS REACHED DEAL TO PURCHASE SILICON VALLEY BANK.Collectively, the defendants "misrepresented the strength of the company’s balance sheet, liquidity, and position in the market," according to the lawsuit. The executives, auditor and underwriters "understated and concealed the magnitude of the risks" facing the bank, which undermined the value of its own securities portfolio, it said.FOX Business has reached out to KPMG, Goldman Sachs, Bank of America, Morgan Stanley and Keefe, Bruyette & Woods, Inc., which is named as an underwriter defendant, for comment.AMERICANS' FAITH IN BANKS DROPS AFTER FAILURES: POLLAfter 40 years, Silicon Valley Bank, the nation’s 17th largest, was shut down last month by the FDIC as regulators moved to protect customers as it faced a liquidity crunch after losing $2 billion. It became the largest bank failure since the financial crisis. SVB’s parent company filed for Chapter 11 bankruptcy.KPMG’s alleged liability, explained in greater detail, is based in part on the fact that it signed off on SVB’s 2022 annual report two weeks before the March 8 market close, according to the suit.COMPANY VETERAN PRESIDED OVER COLLAPSE OF SILICON VALLEY BANK That was when the bank said it was seeking to raise $2.25 billion to address its liquidity problems and announced an approximately $1.8 billion loss on the sale of its securities.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe Justice Department, Securities and Exchange Commission and Federal Reserve are examining issues around SVB’s collapse.No one at the bank has been accused of wrongdoing, and the investigations could end without bringing charges or lawsuits. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Auditor and underwriters cited in SVB collapse lawsuit By: FOX Business April 08, 2023 at 04:52 AM EDT A lawsuit has been filed citing the auditor and underwriters concerning the collapse of Silicon Valley Bank. The complaint was filed Friday in a San Francisco federal court. An auditor and underwriters have reportedly been named for the first time in a lawsuit concerning the collapse of Silicon Valley Bank.SVB's auditor KMPG along with underwriters including Goldman Sachs, Bank of America and Morgan Stanley, in an investor lawsuit based on alleged misstatements leading to the bank’s collapse, according to Bloomberg.The complaint was filed Friday in the federal court in San Francisco.The suit names Silicon Valley Bank Chief Executive Officer Greg Becker and other bank directors and officers as defendants. FDIC SAYS FIRST CITIZENS BANK HAS REACHED DEAL TO PURCHASE SILICON VALLEY BANK.Collectively, the defendants "misrepresented the strength of the company’s balance sheet, liquidity, and position in the market," according to the lawsuit. The executives, auditor and underwriters "understated and concealed the magnitude of the risks" facing the bank, which undermined the value of its own securities portfolio, it said.FOX Business has reached out to KPMG, Goldman Sachs, Bank of America, Morgan Stanley and Keefe, Bruyette & Woods, Inc., which is named as an underwriter defendant, for comment.AMERICANS' FAITH IN BANKS DROPS AFTER FAILURES: POLLAfter 40 years, Silicon Valley Bank, the nation’s 17th largest, was shut down last month by the FDIC as regulators moved to protect customers as it faced a liquidity crunch after losing $2 billion. It became the largest bank failure since the financial crisis. SVB’s parent company filed for Chapter 11 bankruptcy.KPMG’s alleged liability, explained in greater detail, is based in part on the fact that it signed off on SVB’s 2022 annual report two weeks before the March 8 market close, according to the suit.COMPANY VETERAN PRESIDED OVER COLLAPSE OF SILICON VALLEY BANK That was when the bank said it was seeking to raise $2.25 billion to address its liquidity problems and announced an approximately $1.8 billion loss on the sale of its securities.GET FOX BUSINESS ON THE GO BY CLICKING HEREThe Justice Department, Securities and Exchange Commission and Federal Reserve are examining issues around SVB’s collapse.No one at the bank has been accused of wrongdoing, and the investigations could end without bringing charges or lawsuits.
