Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Wells Fargo & Company who purchased shares between February 2, 2018 and March 10, 2020.
Wells Fargo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 5, 2020, the Company proclaimed that it had received significant interest in a program under the Coronavirus Aid, Relief, and Economic Security Act, the Paycheck Protection Program (“PPP”), and intended to distribute a total of $10 billion to small business customers through it. Then, on May 5, 2020, the Company disclosed that it had been sued in multiple lawsuits relating to its involvement with the PPP and had also “received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans.”
On this news, the price of Wells Fargo’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until August 3, 2020 to request that the court appoint them lead plaintiff.