PR Newswire
LOS ANGELES, Dec. 29, 2020 /PRNewswire/ — 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 October 13, 2017 and October 13, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before December 29, 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 [email protected].
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 failed to maintain appropriate underwriting standards and accepted due diligence practices in offering billions of dollars’ worth of commercial loans. The Company made a high proportion of its loans to customers with poor credit and a higher risk of default than it disclosed to the market. The Company failed to write down commercial loans that suffered impairments in a timely manner. The Company understated the reserves it required to balance expected losses in its portfolios. The Company inflated the net income and expected cash flows of its commercial clients in loan and securitization documents related to CLOs and CMBS. 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.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
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