An investigation on behalf of current long term investors in Wells Fargo & Co (NYSE:WFC) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:WFC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/01/2016 -- An investigation was announced for current long-term investors in shares of Wells Fargo & Co (NYSE:WFC) concerning potential breaches of fiduciary duties by certain directors of Wells Fargo & Co was announced.
Investors who are current long term investors in Wells Fargo & Co (NYSE:WFC) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for current long term investors in NYSE:WFC stocks follows a lawsuit filed recently against Wells Fargo & Co over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:WFC stocks, concerns whether certain Wells Fargo directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that the defendants made allegedly false and misleading statements and/or failed to disclose that Wells Fargo's cross-selling efforts to retail customers were neither designed to meet customers' financial needs nor drive customer satisfaction, but rather were the product of a carefully designed system that resulted in the Company illegally, through forgery and other electronic means, opening millions of deposit and credit card accounts for customers without their knowledge in an effort to generate fee income for Wells Fargo and compensation rewards for Wells Fargo employees, including defendants.
Furthermore, the plaintiff alleges that Wells Fargo also failed to disclose that an ongoing internal investigation had in fact determined by the beginning of the Class Period that employees in the Community Banking segment had engaged in a wide ranging scheme to inflate the Company's financial performance figures by opening millions of unauthorized deposit and credit card accounts, ultimately resulting in more than 5,000 employee terminations.
Those who purchased shares of Wells Fargo & Co have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego