NEW YORK, NY / ACCESSWIRE / July 13, 2020 / Bleichmar Fonti & Auld LLP ("BFA") announces that it has filed a class action lawsuit for violations of the federal securities laws against Wells Fargo & Company (NYSE:WFC) ("Wells Fargo" or the "Company") and certain of the Company's current and former senior executives (collectively, "Defendants"), on behalf of investors in Wells Fargo common stock between February 2, 2018 and March 10, 2020, inclusive (the "Class Period").
BFA filed this action on behalf of its client, Steamfitters Local 449 Pension & Retirement Security Funds, in the U.S. District Court for the Northern District of California. The case is captioned Steamfitters Local 449 Pension & Retirement Security Funds v. Wells Fargo & Co., No. 3:20-cv-4674. (N.D. Cal.).
The complaint in this case is substantially similar to the complaint filed in Perry v. Wells Fargo & Co., No. 1:20-cv-04494 (S.D.N.Y.) ("Perry"), which is the first-filed securities class action in this matter. Pursuant to the notice published on June 15, 2020 and the corrected notice published on June 18, 2020 in connection with the filing of Perry pursuant to the Private Securities Litigation Reform Act of 1995 ("PSLRA"), investors wishing to serve as Lead Plaintiff must file a motion for appointment as Lead Plaintiff by no later than August 14, 2020. The filing of this complaint does not alter that deadline.
The complaint alleges that throughout the Class Period, Wells Fargo misrepresented and concealed its failure to comply with U.S. government consent orders that were intended to remediate and prevent Wells Fargo's consumer abuses. The Company continuously stated that it was in compliance with those consent orders and was working constructively with U.S. regulators to ensure compliance.
These statements were materially false and misleading. In truth, Wells Fargo was not in compliance with the consent orders and regulators had repeatedly rejected the Company's proposals for compliance. On March 4, 2020, the U.S. House Financial Services Committee published a 113-page report detailing its year-long investigation into Wells Fargo revealing that the Company's plans to remediate consumer abuses were woefully inadequate and failed to comply with the consent orders. Then, on March 11, 2020, the Company's former Chairwoman testified before the U.S. House Financial Services Committee stating, in part, that the Board repeatedly expressed "regular concern" to Wells Fargo senior management concerning the Company's lack of compliance with the consent orders. The disclosures concerning Wells Fargo's misconduct caused the value of the Company's stock to decline dramatically, resulting in significant harm to investors.
BFA issues this notice in accordance with the PSLRA and Northern District of California Civil Local Rule 23-1(a).
BFA is a law firm based in New York City with additional offices in Oakland, California; Toronto, Canada; and White Plains, New York. The Firm focuses on securities class actions and other investment-related matters. BFA currently serves as lead counsel in multiple securities class actions and has recovered hundreds of millions of dollars for investors. For more information about BFA, please visit https://www.bfalaw.com/.
Javier Bleichmar, Esq., Peter E. Borkon, Esq., Nancy A. Kulesa, Esq., Bleichmar Fonti & Auld, LLP
7 Times Square, 27th Floor, New York, NY 10036, (212) 789-1340, info@bfalaw.com.
SOURCE: Bleichmar, Fonti, & Auld LLP
View source version on accesswire.com:
https://www.accesswire.com/597381/Bleichmar-Fonti-Auld-LLP-Files-Securities-Class-Action-Lawsuit-Against-Wells-Fargo-Company
