Franklin Resources, Inc. Investigation by Pomerantz Law Firm
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Investigation Overview of Franklin Resources, Inc.
Pomerantz LLP is currently conducting a comprehensive investigation into potential claims on behalf of investors representing Franklin Resources, Inc. (NYSE: BEN). This investigation raises significant concerns about the company's business practices and possible involvement in securities fraud.
Claims of Securities Fraud
The investigation aims to identify if Franklin and its senior management have engaged in any illegal activities that could jeopardize the interests of its investors. Accusations suggest potential misconduct, urging investors to reach out and connect with the law firm for support.
Recent Events Impacting Franklin Resources
An alarming development unfolded when a subsidiary of Franklin, the Western Asset Management Company, announced that co-Chief Investment Officer Ken Leech had taken a leave of absence. This decision followed the issuance of a Wells Notice from the U.S. Securities and Exchange Commission. Such notices typically imply that the SEC might initiate enforcement proceedings against an entity.
Compounding this episode, reports surfaced that federal prosecutors are investigating whether a Western Asset Management executive directed beneficial trades towards preferred accounts, a practice labeled as 'cherry-picking.' Such allegations can severely impact the firm's reputation.
Market Response
This news triggered a notable decline in Franklin's stock value. On the day the information was made public, the share price fell by $2.84, reflecting a notable decrease of 12.56%. This drop brought the share price down to $19.78, indicating the market's immediate reaction to the developing situation.
About Pomerantz LLP
With a rich history spanning over 85 years, Pomerantz LLP is esteemed in the fields of corporate, securities, and antitrust class litigation. Founded by Abraham L. Pomerantz, the firm is recognized for its pioneering role in securities class actions. Pomerantz continues to champion the rights of individuals affected by securities fraud and corporate misconduct, having recovered billions in damages for class members over the years.
Contact Information
If you are an investor and have concerns regarding your holdings in Franklin Resources, Inc., please reach out to Danielle Peyton at Pomerantz LLP. You can contact her at 646-581-9980, ext. 7980, or via email.
Frequently Asked Questions
What is the investigation about?
The investigation focuses on potential securities fraud and unlawful business practices by Franklin Resources, Inc. and certain officers.
What triggered the investigation?
The inquiry was prompted by issues surrounding a leave of absence for co-Chief Investment Officer Ken Leech and allegations related to trade practices at Western Asset Management.
How has the stock market reacted?
Following the news, Franklin's stock price fell by $2.84, which is a decline of 12.56%, reflecting investor concern.
Who should investors contact for more information?
Investors can contact Danielle Peyton at Pomerantz LLP for further inquiries regarding the investigation.
What is the history of Pomerantz LLP?
Pomerantz LLP has been a leading firm for over 85 years, focusing on securities class action litigation and recovering significant damages for affected class members.
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