The Wells Fargo class action lawsuit seeks to represent purchasers or acquirers of Wells Fargo & Company (NYSE: WFC) common stock between February 24, 2021 and June 9, 2022, inclusive (the “Class Period”). The Wells Fargo class action lawsuit – captioned Ardalan v. Wells Fargo & Company, No. 22-cv-03811 (N.D. Cal.) – charges Wells Fargo and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in Wells Fargo stock and wish to serve as lead plaintiff of the Wells Fargo class action lawsuit, please provide your information below. You can also contact Wells Fargo Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Wells Fargo class action lawsuit must be filed with the court no later than August 29, 2022. If you have questions, please contact Wells Fargo Stock Loss Lawyer Timothy L. Miles today.
Allegations in the Wells Fargo Class Action Lawsuit
In 2020, Wells Fargo expanded its so-called “Diverse Search Requirement,” also referred to as a diverse slate hiring policy, requiring that at least 50% of interview candidates must represent a historically underrepresented group with respect to at least one diversity dimension (including race/ethnicity, gender, LGBTQ, veterans, and people with disabilities) for most posted roles in the United States with total direct compensation greater than $100,000 per year. In addition, at least one interviewer on the hiring panel must represent a historically underrepresented group with respect to at least one diversity dimension.
The Wells Fargo class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Wells Fargo had misrepresented its commitment to diversity in Wells Fargo’s workplace; (ii) fake job interviews by Wells Fargo in order to meet its Diverse Search Requirement; (iii) this conduct subjected Wells Fargo to an increased risk of regulatory and/or governmental scrutiny and enforcement action, including criminal charges; (iv) all of the foregoing, once revealed, was likely to negatively impact Wells Fargo’s reputation; and (v) as a result, Wells Fargo’s public statements were materially false and misleading at all relevant times.
On May 19, 2022, The New York Times published an article entitled “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 reported, in relevant part, that “[f]or many open positions, employees would interview a ‘diverse’ candidate,” but “that often, the so-called diverse candidate would be interviewed for a job that had already been promised to someone else.” The article further reported that Mr. Bruno was fired after “complain[ing] to his bosses” about the fake job interviews by Wells Fargo. On this news, Wells Fargo’s common stock price fell.
Then, on June 9,2022, The New York Times published another article entitled “Federal Prosecutors Open Criminal Inquiry of Wells Fargo’s Hiring Practices.” The article reported that federal prosecutors are investigating whether the fake job interviews by Wells Fargo violated federal laws by conducting Wells Fargo's fake job interviews to meet Wells Fargo’s Diverse Search Requirement. The article also revealed that, since The New York Times’ May 19, 2022 article focusing on Wells Fargo’s wealth management business, “another 10 current and former employees have shared stories about how they were subject to fake interviews, or conducted them, or saw paperwork documenting the practice,” and that “sham interviews occurred across multiple business lines, including its mortgage servicing, home lending and retail banking operations.” That same day, Wells Fargo issued a press release entitled “Wells Fargo response to New York Times article,” which confirmed that “[e]arlier this week, the company temporarily paused the use of its diverse slate guidelines,” and that, “[d]uring this pause, the company is conducting a review so that hiring managers, senior leaders and recruiters fully understand how the guidelines should be implemented – and so we can have confidence that our guidelines live up to their promise.” On this news, Wells Fargo’s common stock price fell by more than 8%, further damaging investors who suffered losses in Wells Fargo Stock. If you suffered losses in Wells Fargo, contact Wells Fargo Stock Loss Lawyer Timothy L. Miles today.
The Lead Plaintiff Process
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Wells Fargo stock to seek appointment as lead plaintiff in the Wells Fargo class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Wells Fargo, and have further questions, contact Wells Fargo Stock Loss Lawyer Timothy L. Miles today.
Contact a Wells Fargo Stock Loss Lawyer if You Suffered Losses in Wells Fargo Stock
If you suffered losses in Wells Fargo, contact Wells Fargo Stock Loss Lawyer Timothy L. Miles today about a Wells Fargo class action lawsuit, and see what a Wells Fargo Stock Loss Lawyer can do for you. The call is free and so is the fee unless we win your case, so call a Wells Fargo Stock Loss Lawyer today.
Timothy L. Miles, Esq.
Timothy L. Miles is0 a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a 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). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
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