The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Wells Fargo & Company (NYSE: WFC) who purchased common stock between February 24, 2021 and June 9, 2022. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Wells Fargo lawsuit alleges that (i) WFC had misrepresented its commitment to diversity in the Company’s workplace; (ii) WFC conducted fake job interviews in order to meet its Diverse Search Requirement; (iii) the foregoing conduct subjected WFC 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 WFC’s reputation; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until August 29, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.