Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Wells Fargo & Company To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE:WFC) of the November 25, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Wells Fargo securities between February 26, 2014 and September 15, 2016 (the “Class Period”). The case, Hefler v. Wells Fargo & Company et al, No. 3:16-cv-05479 was filed on September 28, 2016 and has been assigned to Judge Jon S. Tigar.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately address the Company’s widespread illegal practice by employees of secretly opening unauthorized deposit and credit card accounts.
Specifically, during after markets closed on September 7, 2016, the Consumer Financial Protection Bureau announced that it had fined Wells Fargo a record $100 million for the opening of more than two million unauthorized accounts since 2011 by the Company’s employees. Further, the Company also 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.
On September 13, 2016, a day after the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that it would hold a hearing on the allegations against Wells Fargo, the Company announced that it would eliminate all product sales goals in its retail banking operations. Since these allegations have been made public, Company’s share price has dropped.
If you invested in Wells Fargo stock or options between February 26, 2014 and September 15, 2016 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Wells Fargo’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.