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Labor/Employment

Aug. 4, 2023

Employee-shareholder sues SVB over nearly 100% price drop

The plaintiff, a Silicon Valley Bank employee, says she was induced by misleading statements to hold onto her stock that was worth $755 per share. She says it is now worth only 17 cents per share.

Yet another lawsuit was filed against former Silicon Valley Bank leaders, this one by a former employee and stockholder who accuses three executives of “hiding the bank’s severe liabilities and risks for years.”

The complaint — filed Tuesday in San Mateo County Superior Court by attorneys from Cotchett, Pitre & McCarthy LLP — accuses the three defendants of misleading shareholders regarding the financial health of the company. The plain...

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