Shareholders sued SVB Financial Group and two top executives on Monday, accusing them of concealing how rising interest rates made its Silicon Valley Bank (SVB) unit, which collapsed last week, “particularly vulnerable” to a massive bailout funds by depositors, Reuters reports.

The proposed class action against SVB, CEO Greg Becker and CFO Daniel Beck was filed in federal court in San Jose, California.

It appears to be the first of many potential lawsuits related to the closure of SVB, which was declared bankrupt by US regulators on March 10 after a wave of withdrawals.

SVB surprised the market two days earlier by revealing an after-tax loss of $1.8 billion on asset sales and plans to raise capital as it struggled to meet buyback requirements.

Silicon Valley Bank had $209 billion in assets and $175.4 billion in deposits before it collapsed in the biggest U.S. bank failure since the 2008 financial crisis.

Its collapse sparked fears of contagion among other lenders that also cater to high-net-worth clients, including tech startups and venture capital-backed companies, as well as large regional banks.

In a lawsuit filed Monday, shareholders led by Chandra Vanipenta said Santa Clara, California-based SVB failed to disclose how rising interest rates would undermine its business model and leave it worse off than banks in another customer base.

The lawsuit seeks unspecified compensation for SVB investors from June 16, 2021, to March 10, 2023.

Financial group SVB said on Monday it will explore strategic alternatives for what is left of the company, which is now stripped of its core banking business.