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Wells Fargo & Company

Company NameWells Fargo & Company
Stock SymbolWFC
Class PeriodApril 05, 2020 to May 05, 2020
Lead Plaintiff Motion DeadlineAugust 03, 2020

On April 19, 2020, after at least one lawsuit was filed against the Company, reports surfaced that Wells Fargo may have unfairly distributed government-backed loans under the Paycheck Protection Program (“PPP”). 

On this news the Company’s share price fell $1.54, or over 5%, over two consecutive trading sessions to close at $26.84 per share on April 21, 2020, thereby injuring investors.

Finally, on May 5, 2020, the Company revealed that “it has . . . received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans.”

On this news, the Company’s share price fell $1.74, or over 6%, over two consecutive trading sessions to close at $25.61 per share on May 6, 2020, thereby injuring investors further.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that Wells Fargo planned to, and did, improperly allocate government-backed loans under the PPP, and/or had inadequate controls in place to prevent such misallocation; (2) that the foregoing foreseeably increased the Company’s litigation risk with respect to PPP allocation, as well as increased regulatory scrutiny and/or potential enforcement actions; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.

 

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