BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Wells Fargo & Company (“Wells Fargo”) or the “Company”) (NYSE: WFC) concerning the Company and its officers’ possible violations of federal securities laws.
On October 12, 2016 Wells Fargo CEO, John Stumpf, resigned effective immediately in the wake of a scandal where Wells Fargo admitted opening accounts without client authorization. The Company had earlier announced that Mr. Stumpf would forfeit $41 million in stock awards as a result of his involvement in this scheme.
The scandal came to a head on September 7, 2016, when the Consumer Financial Protection Bureau ("CFPB") disclosed that it had penalized Wells Fargo a record $100 million for the illegal practice of opening unauthorized deposit and credit card accounts. Wells Fargo estimated that its employees had opened more than two million unauthorized accounts since 2011. In addition to the CFPB fine, Wells Fargo agreed to pay $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles.
Shortly thereafter on September 12, 2016, the U.S. Senate Committee on Banking, Housing and Urban Affairs stated that it will hold a hearing to further explore assertions that thousands of the bank's employees secretly opened accounts and enrolled customers in services without their consent. And, on September 13, 2016, Wells Fargo disclosed that it will terminate all product sales goals in its retail banking operations.
Wells Fargo stock has fallen significantly over the course of these various disclosures thereby harming the Company’s investors.
If you purchased Wells Fargo securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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