BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Wells Fargo & Company ("Wells Fargo" or the "Company") (NYSE: WFC) securities between April 5, 2020 and May 5, 2020, inclusive (the “Class Period”). Wells Fargo investors have until August 3, 2020 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 email@example.com.
On April 19, 2020, after at least one lawsuit was filed against the Company, reports surfaced that Wells Fargo may have unfairly distributed government-backed loans under the Paycheck Protection Program (“PPP”).
On this news the Company’s share price fell $1.54, or over 5%, over two consecutive trading sessions to close at $26.84 per share on April 21, 2020, thereby injuring investors.
Finally, on May 5, 2020, the Company revealed that “it has . . . received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans.”
On this news, the Company’s share price fell $1.74, or over 6%, over two consecutive trading sessions to close at $25.61 per share on May 6, 2020, thereby injuring investors further.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that Wells Fargo planned to, and did, improperly allocate government-backed loans under the PPP, and/or had inadequate controls in place to prevent such misallocation; (2) that the foregoing foreseeably increased the Company’s litigation risk with respect to PPP allocation, as well as increased regulatory scrutiny and/or potential enforcement actions; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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