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Case Status:    ONGOING    
On or around 09/09/2020 (Date of last review)

Filing Date: June 11, 2020

According to the Complaint, Wells Fargo & Company is a financial services company that provides a range of products and services, including banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance. The Company operates through physical stores, the internet, and other distribution channels worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and failed to disclose to investors that: (i) Wells Fargo had inadequate disclosure controls and procedures and internal controls over financial reporting, particularly with respect to its risk and compliance management, policies and programs; (ii) the Company was not compliant with the regulatory consent orders entered into in 2018; (iii) the Company’s remedial plans were inadequate, incomplete, and insufficient to prevent from future consumer abuses; (iv) as a result of the continued noncompliance with the regulatory consent orders, the Company was threatened with supervisory and/or enforcement actions and penalties; (v) the Company’s remedial measures and risk and compliance management remained inadequate to protect against consumer fraud; (vi) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis and omitted materials facts.

On August 29, 2020. the Court issued an Order appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WFC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 20-CV-04494
JUDGE: Hon. Gregory H. Woods
DATE FILED: 06/11/2020
CLASS PERIOD START: 02/02/2018
CLASS PERIOD END: 03/10/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey Dannenberg, P.C.
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available