A lawsuit was filed by an investors in Wells Fargo & Company (NYSE:WFC) over alleged breaches of fiduciary duties and current long-term NYSE:WFC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/28/2012 -- An investor in shares of Wells Fargo & Company(NYSE:WFC) filed a lawsuit against certain top officials at Wells Fargo & Company over alleged breaches of fiduciary duties in connection with certain statements concerning thousands of home mortgage loans that cost taxpayers hundreds of millions of dollars.
Investors who are current long term stockholders in shares of 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.
According to the complaint the plaintiff alleges that the defendants wasted corporate assets and breached their fiduciary duties.
Between May 2011 and December 2010, so the lawsuit, Wells Fargo & Company allegedly improperly certified to the U.S. Department of Housing and Urban Development (“HUD”) that over 100,000 of its high-risk residential mortgage loans met HUD's requirements for proper origination and underwriting, and therefore were eligible for the Federal Housing Administration's (“FHA”) insurance.
The plaintiff claims that in so doing, certain defendants shifted responsibility for these loans to the U.S. government. The plaintiff says that when the loans defaulted, it was the U.S. government on the hook, not the company.
The plaintiff alleges that certain defendants allegedly knew or recklessly disregarded that a very substantial percentage of Wells Fargo & Company's loans had not been properly underwritten, contained unacceptable risk, and were ineligible for FHA insurance.
Wells Fargo & Company (NYSE:WFC) reported that its annual Net Income increased from over $12.27 billion in 2009 to over $15.86 billion in 2011.
Shares of Wells Fargo & Company (NYSE:WFC) grew from as low as $8.61 per share in March 2009 to as high as $36.13 per share in September 2012.
On Nov. 27, 2012, NYSE:WFC closed at $32.63 per share.
Those who are current long term stockholders in shares of Wells Fargo & Company (NYSE:WFC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego