According to the Complaint, Wells Fargo & Company is a diversified financial services company that provides banking, investment, mortgage, and consumer and commercial finance products and services in the U.S. and internationally.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo had misrepresented its commitment to diversity in the Company's workplace; (ii) Wells Fargo conducted fake job interviews in order to meet its Diverse Search Requirement; (iii) the foregoing conduct subjected Wells Fargo to an increased risk of regulatory and/or governmental scrutiny and enforcement action, including criminal charges; (iv) all of the foregoing, once revealed, was likely to negatively impact Wells Fargo's reputation; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

On November 14, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on January 31, 2023. Defendants filed a Motion to Dismiss the Amended Complaint on April 3. On August 18, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a second Amended Complaint on September 8, 2023. Defendants filed a Motion to Dismiss the second Amended Complaint on October 23. On June 4, 2024, Lead Plaintiff filed a Motion for Class Certification. On July 29, the Court issued an Order denying Defendants' Motion to Dismiss.

On January 17, 2025, Lead Plaintiff, having withdrawn their previous Motion for Class Certification, filed a new Motion for Class Certification. On April 25, the Court issued an Order granting the Motion.

On May 9, 2025, Defendants filed a petition for permission to appeal the District Court's Class Certification ruling to the United States Court of Appeals for the Ninth Circuit. On July 17, the Court of Appeals denied the petition.