KPMG, Goldman Sachs Faulted in Investor Suit Over SVB Failure

KPMG LLP was sued as Silicon Valley Bank’s auditor, along with underwriters including Goldman Sachs Group Inc., Bank of America Corp. and Morgan Stanley & Co. in an investor lawsuit based on alleged misstatements leading to the bank’s collapse.

Similar to previous suits, a complaint filed Friday in the federal court in San Francisco names Silicon Valley Bank Chief Executive Officer Greg Beckerand other bank directors and officers as defendants. The complaint appears to be the first to target the bank’s auditors and underwriters.

Collectively, the defendants “misrepresented the strength of the company’s balance sheet, liquidity, and position ...