BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE: WFC) securities between January 13, 2017, and July 27, 2017, inclusive (the “Class Period”). Wells Fargo investors have until April 16, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Wells Fargo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On February 2, 2018, the U.S. Federal Reserve announced “that it would restrict the growth of [Wells Fargo] until it sufficiently improves its governance and controls.” The Federal Reserve further announced that “Wells Fargo will replace three current board members by April and a fourth board member by the end of the year.” On this news, shares of Wells Fargo fell $5.91, or 9.2%, to close at $58.16 on February 5, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo had charged more than 800,000 customers for unneeded auto insurance, the expense of which pushed approximately 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 vehicle repossessions; (ii) the foregoing conduct, when it came to light, would foreseeably subject Wells Fargo to heightened regulatory scrutiny and/or enforcement actions; and (iii) as a result, Wells Fargo’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Wells Fargo during the Class Period, 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 www.howardsmithlaw.com.
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