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Wells Fargo & Co (NYSE:WFC) Investor Securities Class Action Lawsuit 02/14/2018

  • If you purchased shares of Wells Fargo & Co (NYSE:WFC), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Wells Fargo & Company
Security
NYSE: WFC

Case Name
Wells Fargo & Company Shareholder Class Action Lawsuit 02/14/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

January 20, 2020 - The court denied the defendants' motion to dismiss.

November 2, 2018 - A motion to dismiss the consolidated complaint was filed.

August 31, 2018 - A consolidated complaint was filed.

June 20, 2018 - The case was transferred to the U.S. District Court for the Northern District of California.

February 14, 2018 - An investor in shares of Wells Fargo & Co (NYSE:WFC) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Wells Fargo & Co in connection with certain allegedly false and misleading statements made between January 13, 2017 through July 27, 2017.

On July 27, 2017, post-market, an article was published entitled “Wells Fargo Forced Unwanted Auto Insurance on Borrowers.” Citing an internal report prepared for Wells Fargo’s executives, the article reported that “[m]ore than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need,” that “[t]he expense of the unneeded insurance . . . pushed roughly 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions,” and “that the bank owed $73 million to wronged customers.”

According to the complaint the plaintiff alleges on behalf of purchasers of Wells Fargo & Co (NYSE:WFC) common shares between January 13, 2017 through July 27, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between January 13, 2017 through July 27, 2017, the defendants made materially false and/or misleading statements and/or failed to disclose that Wells Fargo had charged more than 800,000 customers for unneeded auto insurance, the expense of which pushed approximately 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 vehicle repossessions, that the foregoing conduct, when it came to light, would foreseeably subject Wells Fargo to heightened regulatory scrutiny and/or enforcement actions, and that as a result, Wells Fargo’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.