Law Firm of Timothy L. Miles Notifies Investors of Class Action Lawsuit Against Wells Fargo and Company (WFC)
Wells Fargo and some of its alleged top executives sued for violations of the Securities Exchange Act of 1934
Wells Fargo & Company (NYSE:WFC)
—Timothy L. Miles
NASHVILLE, TENNESSEE, USA, July 16, 2022 /EINPresswire.com/ — The law firms of Timothy L. Mileswhich has led the fight to protect shareholder rights for more than 20 years, advises investors that a buyer of Wells Fargo and Company (NYSE: WFC) who suffered losses on Wells Fargo shares, has filed a lawsuit in a class action lawsuit against the company for alleged violations of the Securities Exchange Act of 1934. bThe Wells Fargo class action seeks to represent purchasers or acquirers of Wells Fargo & Company (NYSE: WFC) common stock between February 24, 2021 and on and including June 9, 2022 (the “Period”). The Wells Fargo class action lawsuit – subtitled Ardalan v. Wells Fargo & Company, No. 22-cv-03811 (ND Cal.) – accuses Wells Fargo and certain of its key executives for violating the Securities Exchange Act of 1934.
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Wells Fargo accused of misleading shareholders
In 2020, Wells Fargo expanded its so-called “diverse search requirement,” also known as a diverse hiring policy, requiring that at least 50% of interview candidates must represent a historically underrepresented group in terms of addresses at least one dimension of diversity (including race/ethnicity, gender, LGBTQ, veterans, and persons with disabilities) for most U.S. job postings with total direct compensation greater than $100,000 per year. Additionally, at least one recruiting panel interviewer must represent a historically underrepresented group with respect to at least one dimension of diversity.
The Wells Fargo Class Action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Wells Fargo misrepresented its commitment to diversity at the Wells Fargo workplace; (ii) fake job interviews by Wells Fargo in order to meet its diverse research requirement; (iii) such conduct subjected Wells Fargo to increased risk of regulatory and/or governmental scrutiny and enforcement action, including criminal charges; (iv) any of the foregoing, when disclosed, could adversely impact Wells Fargo’s reputation; and (v) as a result, Wells Fargo’s public statements were materially false and misleading at all material times.
On May 19, 2022, The New York Times published an article titled, “At Wells Fargo, a Quest to Increase Diversity Leads to Fake Job Interviews.” Citing discussions with “seven current and former Wells Fargo employees,” including Joe Bruno, a former executive in Wells Fargo’s wealth management division, the article reports, in relevant part, that “[f]or many vacancies, employees would interview a “diverse” candidate, but “that often the supposedly diverse candidate would be interviewed for a job that had already been promised to someone else.” The article further reported that Bruno had been fired after “complaining[ing] to his bosses” about Wells Fargo’s bogus job interviews. At this news, Wells Fargo’s common stock price plummeted.
Then, on June 9, 2022, The New York Times published another article titled “Federal Prosecutors Open Criminal Investigation into Wells Fargo Hiring Practices.” The article reports that federal prosecutors are investigating whether Wells Fargo’s fake job interviews violated federal laws by conducting fake Wells Fargo job interviews to meet Wells Fargo’s diverse search requirement. The article also revealed that, since the May 19, 2022 New York Times article focusing on Wells Fargo’s wealth management business, “10 other current and former employees have shared stories of how they were subjected to to fake interviews, or conducted them, or saw documents documenting the practice”, and that “fictitious interviews took place in several lines of business, including its operations of mortgage services, real estate loans and banking of detail “. On the same day, Wells Fargo issued a press release titled “Wells Fargo Response to New York Times Article”, which confirmed that “[e]Earlier this week, the company temporarily suspended the use of its various slate guidelines, “and that,”[d]During this pause, the company is conducting a review so that hiring managers, senior executives and recruiters fully understand how the guidelines are to be implemented – and so that we can be confident that our guidelines deliver on their promises. On this news, the price of Wells Fargo common stock fell more than 8%, further hurting investors who suffered losses on Wells Fargo Stock.
Wells Fargo shareholders urged to contact company
If you have purchased Wells Fargo securities, have any information or have any questions regarding this announcement or your rights or interests with respect to these matters, please Click here for more information or contact Timothy L. Miles, Esquire, at 615-587-7384, toll free at 855-846-6529, or email [email protected] for a free case evaluation. If requesting by e-mail, please include your mailing address, telephone number and number of shares held.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as the highest-ranked lawyer in 2022 and the highest-rated litigator in 2022. Mr. Miles also maintains Martindale-Hubbell’s AV Preeminent rating.®, their highest rating for legal capacity and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb lawyer rated by Avvo, recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a distinguished lawyer. , Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019).
Awards: Highest rated litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); A V® Preeminent™ Ranking by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 and 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Capacity (Martindale-Hubble® 2015); Lifetime Achievement Award from Premier Lawyers of America (2019); Superb Rated Lawyer (Avvo); Top rated Avvo lawyer for (Avvo 2017-2020). Mr. Miles is the author of numerous publications advocating stock ownership, including the most recent: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Important Benefits To Investors (Timothy L. Miles, December 3, 2019).
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