NEW YORK, June 15, 2020 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, has filed a federal securities class action in the Southern District of New York on behalf of its client and all similarly situated investors who purchased or otherwise acquired common stock of Wells Fargo & Co. ("Wells Fargo" or the "Company") (WFC) from February 2, 2018 through March 10, 2020, inclusive (the "Class Period"). The class action alleges violations of the federal securities laws against Wells Fargo and certain of its current and former officers and directors.
Headquartered in San Francisco, California, Wells Fargo provides a range of financial products and services, including banking, consumer finance, credit cards, investments, leasing and mortgages. The Complaint alleges that Wells Fargo made false and misleading statements to the public throughout the Class Period in connection with its compliance with Consent Orders issued by the Federal Reserve, the Consumer Fraud Protection Bureau, the Office of the Comptroller of the Currency and other government agencies.
On March 4, 2020, a 113-page-report revealed the truth about Wells Fargo’s compliance with the Consent Orders. The report stated that the Company had submitted insufficiently developed and inadequate remediation plans, struggled to meet deadlines, and failed to implement meaningful reforms. The government agencies overseeing the reform threatened supervisory and/or enforcement actions and additional penalties. Wells Fargo’s stock declined from $41.40 to close at $37.09 on Friday, March 6, 2020, a decline of $4.31 or just over 10% over two trading days.
On March 10, 2020, the U.S. House Financial Services Committee requested that the U.S. Department of Justice investigate Wells Fargo’s former CEO for providing false statements directly related to the Company’s compliance while giving public testimony in 2019. On this news, Wells Fargo’s shares fell from $34.63 per share to $27.20, a decline of $7.43 or more than 20% over two trading days.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than August 10, 2020. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice.
If you have suffered a net loss from investment in Wells Fargo’s common stock from February 2, 2018 through March 10, 2020, you may obtain additional information about this lawsuit and your ability to become a Lead Plaintiff, by contacting Christian Levis at firstname.lastname@example.org or by calling 914-733-7220 or Andrea Farah at email@example.com or by calling 914-733-7256. The class action is titled Perry v. Wells Fargo & Co. et al, No. 1:20 cv 04494 (S.D.N.Y.).