The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Wells Fargo & Company (NYSE: WFC) securities between April 5, 2020 and May 5, 2020.
According to the Wells Fargo lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo planned to, and did, improperly allocate government-backed loans under the Paycheck Protection Program (“PPP”), and/or had inadequate controls in place to prevent such misallocation; (ii) the foregoing foreseeably increased the Company’s litigation risk with respect to PPP allocation, as well as increased regulatory scrutiny and/or potential enforcement actions; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Wells Fargo you have until August 3, 2020 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.
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