The Law Offices of Frank R. Cruz Announces Investigation of Wells Fargo & Company (WFC) on Behalf of Investors
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE: WFC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On May 19, 2022, the New York Times published an article which alleged, among other things, that for many open positions, interviews were held with diverse candidates, but “that often, the so-called diverse candidate would be interviewed for a job that had already been promised to someone else.” The article also reported that the Company’s former executive in the wealth management division had been fired after complaining to his bosses about the practice.
On this news, Wells Fargo common stock fell $0.44, or 1%, over two trading sessions to close at $41.67 per share on May 20, 2022.
Then, on June 6, 2022, Reuters published an article reporting that, in response to the New York Times article, Wells Fargo paused its hiring policy that required recruiters to interview a diverse pool of candidates, and that it also planned to “conduct a review of its diverse slate guidelines.”
Then, on June 9, 2022, the New York Times reported that federal prosecutors were investigating whether Wells Fargo violated federal laws by conducting fake job interviews in order to meet its Diverse Search Requirement. The same day, Wells Fargo responded that it was “conducting a review so that hiring managers, senior leaders and recruiters fully understand how the guidelines should be implemented.”
On this news, Wells Fargo common stock fell $3.68, or 8.2%, over two trading sessions to close at $38.99 on June 13, 2022, thereby injuring investors.
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If you purchased Wells Fargo securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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