NEW YORK, July 23, 2020 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, has filed a federal securities class action in the Southern District of New York on behalf of its client and all similarly situated investors who purchased or otherwise acquired common stock of Wells Fargo Co. (“Wells Fargo” or the “Company”) (NYSE: WFC) from February 2, 2018 through March 10, 2020, inclusive (the “Class Period”). The class action is titled Perry v. Wells Fargo Co. et al, No. 1:20-cv-04494 (S.D.N.Y.).
If you are a shareholder who purchased Wells Fargo securities during the Class Period, you have until August 14, 2020 to ask the Court to appoint you as the Lead Plaintiff for the Class. Any member of the proposed Class may move to serve as the Lead Plaintiff through counsel of their choice. To obtain a copy of the complaint or to discuss this lawsuit, contact Christian Levis at clevis@lowey.com or by calling 914-733-7220 or Andrea Farah at afarah@lowey.com or by calling 914-733-7256.
Headquartered in San Francisco, California, Wells Fargo provides a range of financial products and services, including banking, consumer finance, credit cards, investments, leasing and mortgages. The Complaint alleges that Wells Fargo made false and misleading statements to the public throughout the Class Period, repeatedly touting its efforts towards compliance with consent orders issued by the Federal Reserve, Consumer Fraud Protection Bureau, Office of the Comptroller of the Currency and other government agencies.
On March 4, 2020, a 113-page-report told the true story of Wells Fargo’s compliance. The report stated that the Company had submitted insufficiently developed and inadequate remediation plans, struggled to meet deadlines, and failed to implement meaningful reforms. The government agencies overseeing the reform threatened supervisory and/or enforcement actions and additional penalties. Wells Fargo’s stock declined from $41.40 to close at $37.09 on Friday, March 6, 2020, a decline of $4.31 or just over 10%.
On March 10, 2020, the U.S. House Financial Services Committee requested that the U.S. Department of Justice investigate Wells Fargo’s former CEO for providing false statements directly related to the Company’s compliance while giving public testimony in 2019. On this news, Wells Fargo’s shares fell from $34.63 per share to $27.20, a decline of $7.43 or more than 20%.
About Lowey Dannenberg
Since its inception in 1967, Lowey has specialized in the prosecution of complex civil class action lawsuits and has grown into one of the most successful shareholder litigation firms in the field. Its investor litigation group has recovered billions of dollars in the aggregate and has achieved landmark, long-term corporate governance changes at public companies. Over decades of zealous advocacy, Lowey has developed a profound knowledge of securities and antitrust class action litigation.
Contact
If you have any questions or want to discuss this lawsuit, contact Christian Levis at clevis@lowey.com or by calling 914-733-7220 or Andrea Farah at afarah@lowey.com or by calling 914-733-7256.
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7256
Email: investigations@lowey.com