LOS ANGELES–(BUSINESS WIRE)–$WFC #WFC—The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Wells Fargo & Company (“Wells Fargo” or “the Company”) (NYSE: WFC) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between April 5, 2020 and May 5, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before August 3, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Wells Fargo schemed to improperly allocate government-backed loans as part of the PPP program, and failed to maintain appropriate controls over its loans as part of the government program. This action left the company open to litigation risk as well as regulatory attention by the federal government. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Wells Fargo, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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