EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Wells Fargo & Company
September 27 2016 - 11:08AM
Business Wire
Rosen Law Firm, a global investor rights law firm, announces the
filing of a class action lawsuit on behalf of purchasers of Wells
Fargo & Company securities (NYSE: WFC) from February 26, 2014
through September 15, 2016, both dates inclusive (the “Class
Period”). The lawsuit seeks to recover damages for Wells Fargo
investors under the federal securities laws.
To join the Wells Fargo class action, go to the firm’s website
at http://rosenlegal.com/cases-957.html or call Phillip Kim, Esq.
or Kevin Chan, Esq. toll free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for more information on
the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period defendants
issued false and misleading statements to investors that Wells
Fargo’s cross-selling efforts to retail customers were the product
of a carefully designed system that resulted in Wells Fargo
illegally, through forgery and other electronic means, opening
millions of deposit and credit card accounts for customers without
their knowledge in an effort to generate fee income for Wells Fargo
and compensation rewards for Wells Fargo employees, including
defendants. Wells Fargo also failed to disclose that an ongoing
internal investigation had determined by the beginning of the Class
Period that employees in the Community Banking segment had engaged
in a wide ranging scheme to inflate Wells Fargo’s financial
performance figures by opening millions of unauthorized deposit and
credit card accounts, ultimately resulting in more than 5,000
employee terminations. As a result, defendants’ statements about
Wells Fargo’s business, operations, and prospects were false and
misleading and/or lacked a reasonable basis. When the true details
entered the market, the lawsuit claims that investors suffered
damages.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than
November 25, 2016. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. If you wish to join the litigation, go to the firm’s
website at http://rosenlegal.com/cases-957.html for more
information. You may also contact Phillip Kim, Esq. or Kevin Chan,
Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at
pkim@rosenlegal.com or kchan@rosenlegal.com.
Follow us for updates on LinkedIn:
https://www.linkedin.com/company/the-rosen-law-firm or on Twitter:
https://twitter.com/rosen_firm.
Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20160927006263/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: 212-686-1060Toll Free: 866-767-3653Fax:
212-202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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