A lawsuit was filed on behalf of investors in Wells Fargo & Co (NYSE:WFC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/27/2018 -- An investor, who purchased shares of Wells Fargo & Co (NYSE:WFC), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Wells Fargo & Co.
Investors who purchased shares of Wells Fargo & Co (NYSE:WFC) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On July 27, 2017, post-market, an article was published entitled "Wells Fargo Forced Unwanted Auto Insurance on Borrowers." Citing an internal report prepared for Wells Fargo's executives, the article reported that "[m]ore than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need," that "[t]he expense of the unneeded insurance . . . pushed roughly 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 wrongful vehicle repossessions," and "that the bank owed $73 million to wronged customers."
The plaintiff claims that between January 13, 2017 through July 27, 2017, the defendants made materially false and/or misleading statements and/or failed to disclose that Wells Fargo had charged more than 800,000 customers for unneeded auto insurance, the expense of which pushed approximately 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 vehicle repossessions, that the foregoing conduct, when it came to light, would foreseeably subject Wells Fargo to heightened regulatory scrutiny and/or enforcement actions, and that as a result, Wells Fargo's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of Wells Fargo & Co (NYSE:WFC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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