STEVENSON, Md., Sept. 30, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Wells Fargo & Company (NYSE: WFC ) (“Wells Fargo” or the “Company”) common stock during the period between February 26, 2014 and September 15, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until November 25, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Wells Fargo common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Wells Fargo’s cross-selling efforts to retail customers were not designed to meet customers’ financial needs or drive customer satisfaction, but created to generate fee income for Wells Fargo and compensation rewards for Wells Fargo employees and an ongoing internal investigation had determined that employees in the Company’s Community Banking segment had engaged in a wide ranging scheme to inflate the Company’s financial performance figures by opening millions of unauthorized deposit and credit card accounts, ultimately resulting in more than 5,000 employee terminations.
According to the complaint, following a September 8, 2016 Consent Order by the U.S. Consumer Financial Protection Bureau detailing the Company’s fraudulent practices and imposing a fine of more than $185 million, and reports by the media on September 9, 2016, September 13, 2016, September 14, 2016 and September 16, 2016 further detailing the scandal, the value of Wells Fargo shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Wells Fargo common stock purchased on or after February 26, 2014 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
