Levi & Korsinsky, LLP announces that a WFC class action lawsuit has been filed on behalf of investors who purchased Wells Fargo & Company (WFC) securities between April 5, 2020 and May 5, 2020. For more on the WFC Lawsuit please contact us today.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo planned to, and did, improperly allocate government-backed loans under the Paycheck Protection Program ("PPP"), and/or had inadequate controls in place to prevent such misallocation; (ii) 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 (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in you have until August 3, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.