NEW YORK, Sept. 27, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against Wells
Fargo & Company ("Wells Fargo" or the "Company") (NYSE: WFC)
and certain of its officers. The class action is on behalf of
a class consisting of all persons or entities who purchased Wells
Fargo securities between February 26,
2014 and September 15, 2016,
inclusive (the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose that Wells Fargo's cross-selling efforts to retail
customers was part of a carefully designed plan to illegally open
millions of deposit and credit card accounts for customers without
their knowledge or consent, in an effort to generate fee income for
Wells Fargo and compensation rewards for defendants.
Wells Fargo also failed to
disclose that the continuing internal investigation had determined
by the beginning of the Class Period that employees in the
Community Banking division were engaged in a mass scheme to expand
Wells Fargo's financial performance figures by opening millions of
unauthorized deposit and credit card accounts, resulting in over
5,000 employee terminations. Consequently, defendants' statements
about Wells Fargo's business, operations, and prospects were false
and misleading and/or lacked a reasonable basis as Wells Fargo
stock traded at artificially inflated prices, at a high of over
$58 per share, which allowed some
defendants to sell more than $31
million worth of their own Wells Fargo stock at artificially
inflated prices.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/wfc or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in Wells Fargo you have until November 25, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC