LOS ANGELES–(BUSINESS WIRE)–$WFC #WFC—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Wells Fargo & Company (“Wells Fargo” or “the Company”) (NYSE: WFC) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Multiple reports on April 19, 2020 stated that Wells Fargo unfairly allocated government-backed Paycheck Protection Program (“PPP”) loans. Based on this news, the Company’s shares fell by more than 5% over the next two trading sessions. Wells Fargo admitted in an SEC disclosure on May 5, 2020, that it had “received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans.” Based on this news, shares of Wells Fargo fell by 6% on May 6, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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