The Northern District of California order, issued April 23, 2026, establishes a briefing schedule for plaintiffs' motion to amend the operative complaint and KPMG's anticipated motion to dismiss the amended Section 10(b) claim against the accounting firm.
Under the adopted schedule, plaintiffs must file their motion for leave to amend and the proposed amended complaint by May 4, 2026. KPMG has until June 3 to file any opposition and its motion to dismiss the new claim.
Plaintiffs have until June 18 to file their opposition to the motion to dismiss and any reply in support of leave to amend, with KPMG's reply due by June 29. The court has set a hearing on these motions for July 27, 2026.
Crucially, the court stayed all discovery in the consolidated actions captioned In re SVB Financial Group Securities Litigation (including lead case 5:23-cv-01097 and related cases 24-cv-00478 and 24-cv-02684) pursuant to 15 U.S.C. § 78u-4(b)(3)(B) pending the resolution of the forthcoming motions.
The order explicitly terminates plaintiffs' motion for class certification (ECF No. 251) without prejudice to refile after the court resolves the motions discussed above. The court noted that at that point, it will ask plaintiffs and defendants to refile their respective papers on the class certification motion.
As discussed at a case management conference held April 22, 2026, the court indicated that the refiled class certification papers will be substantively identical to those previously filed, except as they relate to the new claim against KPMG.
The order also vacates a case management conference previously set for May 5, 2026. In terminating the class certification motion, the court simultaneously terminated all pending motions to seal associated with that motion and the Securities Act defendants' motion for leave to file a sur-reply.