January 4, 2010 - The court conditionally dismissed plaintiffs' claims. April 20, 2009 - The defendants filed a motion to dismiss. February 10, 2009 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased auction rate securities of Wells Fargo & Company (NYSE: WFC) between April 14, 2003 and February 13, 2008. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded between April 14, 2003 and February 13, 2008. December 19, 2008 - All cases were consolidated. October 15, 2008 - Lead plaintiffs and counsel were appointed. September 24, 2008 - Another lead plaintiff motion was filed. August 7, 2008 - The order to appoint lead plaintiff and lead counsel was ordered vacated. August 6, 2008 - Lead plaintiffs and lead counsel were appointed. June 13, 2008 - Lead plaintiff motion was filed. June 11, 2008 - Another investor field an additional complaint in the U.S. District Court for the Eastern District of Wisconsin on behalf of investors who purchased auction rate securities of Wells Fargo & Company (NYSE: WFC) between June 11, 2003 and February 13, 2008. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 11, 2003 and February 13, 2008. April 14, 2008 - An investor in auction rate securities of Wells Fargo & Company (NYSE: WFC) filed a lawsuit in the U.S. District Court for the Northern District of California against Wells Fargo & Company over violations of Federal Securities Laws. The plaintiff alleges that, Wells Fargo & Company violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates. The Complaint alleges that, Wells Fargo & Company failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; and (3) broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions. The Complaint alleges that, pursuant to uniform sales materials and top-down management directives, Wells Fargo & Company offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, holders of auction rate securities sold by Wells Fargo and others have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including Wells Fargo to “withdraw their support” for the periodic auctions at which the interest rates paid on auction rates securities are set.