Thieler Law Corp advises investors with losses exceeding $100,000 of the November 25, 2016 lead plaintiff deadline in a class action lawsuit filed against Wells Fargo & Company (NYSE:WFC) (“Wells Fargo” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of California and investors, who purchased Wells Fargo & Company securities between February 26, 2014 and September 15, 2016, have until November 25, 2016 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Wells Fargo & Company securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that Wells Fargo's cross-selling efforts to retail customers were neither designed to meet customers' financial needs nor drive customer satisfaction, but rather were the product of a carefully designed system that resulted in the Company illegally, through forgery and other electronic means, opening millions of deposit and credit card accounts for customers without their knowledge in an effort to generate fee income for Wells Fargo and compensation rewards for Wells Fargo employees, including defendants.  Wells Fargo also failed to disclose that an ongoing internal investigation had in fact determined by the beginning of the Class Period that employees in the Community Banking segment had engaged in a wide ranging scheme to inflate the Company's financial performance figures by opening millions of unauthorized deposit and credit card accounts, ultimately resulting in more than 5,000 employee terminations. 

On September 7, 2016, the Consumer Financial Protection Bureau revealed that it had fined the Company $100 million for opening over two million unauthorized accounts since 2011 by Wells Fargo employees. Additionally, Wells Fargo agreed to pay $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles.

On September 13, 2016, Wells Fargo announced that it would eliminate all product sales goals in its retail banking operations. This announcement came a day after the U.S. Senate Committee on Banking, Housing, and Urban Affairs revealed that it would hold a hearing on the allegations against Wells Fargo.

Following this news, NYSE:WFC dropped harming investors.

If you were negatively impacted by your investment in Wells Fargo & Company securities between February 26, 2014 and September 15, 2016 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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