NEW YORK, Sept. 29, 2016 (GLOBE NEWSWIRE) — Attorney Advertising– Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE:WFC) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Wells Fargo securities between February 26, 2014 and September 15, 2016, inclusive (the “Class Period”).
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Wells Fargo’s cross-selling efforts to retail customers were part of a carefully designed plan to illegally open millions of deposit and credit card accounts for customers without their knowledge or consent, in an effort to generate fee income for Wells Fargo and compensation rewards for defendants.
Wells Fargo also failed to disclose that the continuing internal investigation had determined by the beginning of the Class Period that employees in the Community Banking division were engaged in a mass scheme to expand Wells Fargo’s financial performance figures by opening millions of unauthorized deposit and credit card accounts, resulting in over 5,000 employee terminations. Consequently, defendants’ statements about Wells Fargo’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis as Wells Fargo stock traded at artificially inflated prices, at a high of over $58 per share, which allowed some defendants to sell more than $31 million worth of their own Wells Fargo stock at artificially inflated prices.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/wfc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Wells Fargo you have until November 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | [email protected]