LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE: WFC) 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.
To obtain information or actively participate in the class action, please visit the Wells Fargo page on our website at www.glancylaw.com/case/wells-fargo-company. Investors that suffered losses on their Wells Fargo investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
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.
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If you purchased shares of Wells Fargo during the Class Period you may move the Court no later than April 16, 2018 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 Lesley Portnoy, 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.
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