NEW YORK–(COMMERCIAL THREAD) – Rosen Law Firm, a global investor rights law firm, reminds buyers of Wells Fargo & Company (NYSE: WFC) securities between October 13, 2017 and October 13, 2020 inclusive (the “Period of the appeal ”) of the important deadline of December 29, 2020 for the principal applicant in the case. The lawsuit seeks to recover damages for Wells Fargo investors under federal securities laws.
To join the Wells Fargo class action lawsuit, visit http://www.rosenlegal.com/cases-register-1985.html or call Phillip Kim, Esq. toll free at 866-767-3653 or by emailing [email protected] or [email protected] for information on the class action.
According to the lawsuit, the defendants throughout the Class Period made false and / or misleading statements and / or failed to disclose that: (1) Wells Fargo consistently failed to follow proper underwriting standards and due diligence guidelines in issuing commercial loans, including inflating the net income and expected future cash flows of its commercial customers to justify the issuance of excessive loan amounts; (2) a significantly higher proportion of Wells Fargo’s commercial loan customers were of poor credit quality and / or were at significantly higher risk of default than disclosed to investors; (3) Wells Fargo failed to timely write-down commercial loans, secured loan bonds (“CLOs”) and commercial mortgage-backed securities (“CMBS”) on its books that had been impaired; (4) Wells Fargo had significantly underestimated the reserves required for expected credit losses in its commercial portfolios; (5) Wells Fargo had systematically distorted the credit quality and probability of default of the loans it consolidated and securitized into CLOs and CMBSs, including by artificially inflating the net income and expected cash flows of its business customers in loan and securitization documents; (6) the CLO and CMBS loans issued and the investment securities held by Wells Fargo were of lower credit quality and were worth much less than what is represented to investors; (7) As a result of the foregoing, Wells Fargo’s litigation period representations regarding the credit quality of its commercial loans, its underwriting and due diligence practices, and the value of its CLO and CMBS books were materially false and misleading and (8) as a result of the foregoing, Wells Fargo has been exposed to serious undisclosed risks of financial, reputational and legal harm, particularly in the event of significant and sustained stress in the markets of the trade credit. When the real details entered the market, the lawsuit claims that investors have suffered damage.
A class action has already been filed. If you wish to act as the principal applicant, you must apply to the Court no later than December 29, 2020. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. If you want to join the litigation, go to http://www.rosenlegal.com/cases-register-1985.html or to discuss your rights or interests in relation to this class action lawsuit, please contact Phillip Kim, Esq. from Rosen Law Firm at toll-free 866-767-3653 or by email at [email protected] or [email protected].
NO GROUP HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY A LAWYER UNLESS YOU REMEMBER ONE. YOU MAY RETAIN ANY LAWYER OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. THE ABILITY OF AN INVESTOR TO PARTICIPATE IN ANY POSSIBLE FUTURE RECOVERY IS NOT DEPENDENT ON SERVING AS A PRINCIPAL COMPLAINANT.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Rosen Law Firm represents investors around the world, focusing its practice on class actions in securities and derivative litigation between shareholders. Rosen law firm was ranked # 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has been ranked in the top 3 every year since 2013. The firm has been ranked in the top 3 every year since 2013. Rosen attorneys secured the largest securities class action settlement ever. against a Chinese company. Rosen Law Firm attorneys are ranked and recognized by many independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Lawyer advertising. Previous results do not guarantee a similar result.