Auditor and underwriters cited in SVB collapse lawsuit
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 El logotipo de SVB (Silicon Valley Bank) se ve en esta ilustración tomada el 19 de marzo de 2023. .Collectively, the defendants “misrepresented the strength of the companys balance sheet, liquidity, and position in the market,” according to the lawsuit. LEER EN LA APLICACIÓN FOX BUSINESS 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: POLL Los clientes esperan en