Wells Fargo & Company (NYSE:WFC) Investor Investigation Over Certain Mortgage-Backed Securities Offering Documents
An investigation for shareholders of Wells Fargo & Company (NYSE:WFC) over possible securities laws violations was announced and NYSE:WFC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 03/06/2012 --An investigation for investors in shares of Wells Fargo & Company (NYSE:WFC) was announced over potential securities laws violations by certain officers and directors at Wells Fargo & Company in connection with certain statements regarding certain mortgage-backed securities offering documents.
Investors who purchased shares Wells Fargo & Company (NYSE:WFC), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Wells Fargo & Company (NYSE:WFC) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws.
Specifically, the investigation concerns whether certain statements concerning Wells Fargo’s business, its prospects and its operations were potentially materially false and misleading at the time they were made and whether certain officers and directors breached their fiduciary duties to Wells Fargo & Company (NYSE:WFC) stockholders.
On February 28, 2012, Wells Fargo & Company disclosed that it is under investigation by Government agencies in connection with certain mortgage related practices and that it received a Wells Notice from the United States Securities and Exchange Commission ("SEC"), concerning its disclosures in certain mortgage-backed securities offering documents.
Wells Fargo & Company said that "[g]overnment agencies continue investigations or examinations of other mortgage related practices of Wells Fargo. The investigations relate to two main topics, (1) whether Wells Fargo may have violated fair lending or other laws and regulations relating to mortgage origination practices; and (2) whether Wells Fargo properly disclosed in offering documents for its residential mortgage-backed securities the facts and risks associated with those securities."
Wells Fargo & Company reported that its Net Income surged from $2.65billion for 2008 to $15.86billion in 2011.
Shares of Wells Fargo & Company (NYSE:WFC) rose from as low as $8.61 per share in March ’09 to as high as $33.76 per share in February 2011. NYSE:WFC stocks closed 2011 at $27.56 per share. Over the first two months in 2012 NYSE:WFC shares climbed to over $31 per share and closed on February 29, 2012 at $31.29 per share.
Those who purchased shares Wells Fargo & Company (NYSE:WFC), you have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Media and Client Relations Manager
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/130403