SAN FRANCISCO, July 18, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Wells Fargo & Company WFC investors who suffered significant losses to submit your losses now.
Wells Fargo & Company WFC Securities Class Action:
The litigation focuses on Wells Fargo’s statements about its diverse slate hiring policy (“Diverse Search Requirement”), which required that at least half of interview candidates must represent a historically underrepresented group for most posted jobs in the U.S. paying more than $100,000 per year.
Specifically, the complaint alleges Defendants: (1) misrepresented its commitment to diversity in its workplace; (2) conducted fake job interviews to meet its Diverse Search Requirement; and, (3) as a result, was under increased risk of regulatory and/or governmental scrutiny.
On May 19, 2022, the New York Times reported that a former executive in the company’s wealth management division (Joe Bruno) told it that often diverse candidates would be interviewed for jobs already promised to someone else and he was fired after he reported to his superiors that the practice of conducting “‘fake interviews'” was “‘inappropriate, morally wrong, ethically wrong.'” NYT also cited other current and former Wells Fargo employees further corroborating Mr. Bruno’s account.
Then, on June 9, 2022, the NYT reported that federal prosecutors opened a criminal investigation into whether Wells Fargo violated federal laws by conducting sham interviews of minority and female job candidates.
These disclosures caused Wells Fargo’s shares to decline sharply.
“We’re focused on investors’ losses and proving Wells Fargo mispresented its commitment to diversity,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Wells Fargo and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Wells Fargo should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email WFC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895