Wells Fargo & Company
Lead Plaintiff Deadline: 08/03/2020
SUMMARY OF CASE:
A securities class action has been filed against Wells Fargo & Company (WFC) on behalf of all those who purchased or otherwise acquired Wells Fargo securities between April 5, 2020 through May 5, 2020. This case has been filed in the USDC – California (Northern).
The Complaint 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 planned to, and did, improperly allocate government-backed loans under the PPP, and/or had inadequate controls in place to prevent such misallocation; (ii) 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 (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.