Wells Fargo & Company
|Company Name||Wells Fargo & Company|
On February 2, 2018, Wells Fargo entered into a consent order with the Board of Governors of the Federal Reserve System (the “FRS Consent Order”), committing to comply with directives regarding its governance and risk management policies. The FRS Consent Order was part of an enforcement action brought against the Company in connection with certain of its fraudulent practices.
Then, on March 4, 2020, a 113-page report revealed that Wells Fargo “fell woefully” short of implementing meaningful corporate reforms and that its risk and compliance policies remained dangerously inadequate to prevent another consumer fraud from occurring, thereby violating the FRS Consent Order.
On this news, the Company’s share price fell $2.50, or over 6%, to close at $38.90 on March 5, 2020.
Then, on March 10, 2020, the U.S. House Financial Services Committee Chairwoman Maxine Waters requested that the U.S. Department of Justice (“DOJ”) investigate the Company’s former CEO, for providing false statements in the context of his public testimony a year earlier, in March 2019, which directly related to Wells Fargo’s compliance with the FRS and OCC Consent Orders and its progress in developing and implementing effective and meaningful reforms.
On this news, the Company’s share price fell $2.75, or over 7%, to close at $32.33, thereby injuring investors.
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