NEW YORK, Sept. 28, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE:WFC) of the November 25, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Wells Fargo securities between February 26, 2014 and September 15, 2016 (the “Class Period”). The case, Hefler v. Wells Fargo & Company et al, No. 3:16-cv-05479 was filed on September 28, 2016 and has been assigned to Judge Jon S. Tigar.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately address the Company’s widespread illegal practice by employees of secretly opening unauthorized deposit and credit card accounts.
Specifically, during after markets closed on September 7, 2016, the Consumer Financial Protection Bureau announced that it had fined Wells Fargo a record $100 million for the opening of more than two million unauthorized accounts since 2011 by the Company’s employees. Further, the Company also agreed to pay $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles.
On September 13, 2016, a day after the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that it would hold a hearing on the allegations against Wells Fargo, the Company announced that it would eliminate all product sales goals in its retail banking operations. Since these allegations have been made public, Company’s share price has dropped.
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If you invested in Wells Fargo stock or options between February 26, 2014 and September 15, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/WFC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Wells Fargo’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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