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Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Wells Fargo & Company (WFC) Investors

2020-07-20 12:00 ET - News Release

Shareholders with $1,000,000 in losses or more are encouraged to contact the firm


Company Website: https://www.glancylaw.com/
LOS ANGELES -- (Business Wire)

Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased Wells Fargo & Company ("Wells Fargo" or the "Company") (NYSE: WFC) securities between February 2, 2018, and March 10, 2020, inclusive (the “Class Period”). Wells Fargo investors have until August 14, 2020 to file a lead plaintiff motion.

If you suffered a loss on your Wells Fargo investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/wells-fargo-company-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On February 2, 2018, Wells Fargo entered into a consent order with the Board of Governors of the Federal Reserve System (the “FRS Consent Order”), committing to comply with directives regarding its governance and risk management policies. The FRS Consent Order was part of an enforcement action brought against the Company in connection with certain of its fraudulent practices.

Then, on March 4, 2020, a 113-page report revealed that Wells Fargo “fell woefully” short of implementing meaningful corporate reforms and that its risk and compliance policies remained dangerously inadequate to prevent another consumer fraud from occurring, thereby violating the FRS Consent Order.

On this news, the Company’s share price fell $2.50, or over 6%, to close at $38.90 on March 5, 2020.

Then, on March 10, 2020, the U.S. House Financial Services Committee Chairwoman Maxine Waters requested that the U.S. Department of Justice (“DOJ”) investigate the Company’s former CEO, for providing false statements in the context of his public testimony a year earlier, in March 2019, which directly related to Wells Fargo’s compliance with the FRS and OCC Consent Orders and its progress in developing and implementing effective and meaningful reforms.

On this news, the Company’s share price fell $2.75, or over 7%, to close at $32.33, thereby injuring investors.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that Wells Fargo had inadequate disclosure controls and procedures and internal controls over financial reporting, particularly with respect to its risk and compliance management, policies and programs; (2) that the Company was not compliant with the regulatory consent orders entered into in 2018; (3) that the Company’s remedial plans were inadequate, incomplete, and insufficient to prevent from future consumer abuses; (4) that as a result of the continued noncompliance with the regulatory consent orders, the Company was threatened with supervisory and/or enforcement actions and penalties; (5) that the Company’s remedial measures and risk and compliance management remained inadequate to protect against consumer fraud; (6) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis and omitted materials facts.

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If you purchased Wells Fargo securities during the Class Period, you may move the Court no later than August 14, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts:

Glancy Prongay and Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com

Source: Glancy Prongay and Murray LLP

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