Wells Fargo & Company

A securities class action has been filed against Wells Fargo & Company (WFC) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Wells Fargo common stock between February 24, 2021 through June 9, 2022.  This case has been filed in the USDC – N.D.CA.

On June 9, 2022, the New York Times published an article entitled “Federal Prosecutors Open Criminal Inquiry of Wells Fargo’s Hiring Practices.”  The article reported, in relevant part, that federal prosecutors are investigating whether Wells Fargo violated federal laws by conducting fake job interviews in order to meet the Company’s diverse slate requirement.

On this news, Wells Fargo’s stock price fell $3.68 per share, or 8.62%, over the following two trading sessions, closing at $38.99 per share on June 13, 2022.