San Diego, CA -- (SBWire) -- 06/26/2013 --An investor, who currently holds shares of Wells Fargo & Co (NYSE:WFC), filed a lawsuit against certain Wells Fargo officers over alleged breached their fiduciary duties in connection with certain statements.
Investors who are current long-term stockholders in shares of Wells Fargo & Co (NYSE:WFC) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
In July 2011 the Federal Reserve announced a $85 million fine against Wells Fargo & Co for allegedly pushing up to 10,000 borrowers with good credit into expensive mortgages and falsifying loan applications made between 2004 and 2008. The government then announced in February 2012 a $25 billion joint state-federal settlement - $5.3 billion for which Wells Fargo & Co was responsible.
However, the plaintiff claims that defendants caused Wells Fargo & Co to repeatedly and blatantly violate the terms of the settlement, to lack adequate internal and financial controls, and to issue financial statements that were materially false and misleading at all relevant times.
Recently the NY Attorney General reportedly said that there is mounting evidence that Wells Fargo & Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses. The NY AG reportedly plans to sue Wells Fargo & Co and Bank of America for failing to live up to their obligations under the deal.
The plaintiff says that as a result of defendants' alleged breaches of fiduciary duties, Wells Fargo & Co has become the subject of an investigation and litigation brought by the NY Attorney General and as such, defendants have subjected Wells Fargo & Co to potentially substantial liability, including fines and damages.
Wells Fargo & Co reported that its Net Income rose from over $12.36 billion in 2010 to over $18.89 billion in 2012.
Shares of Wells Fargo & Co increased from $23.58 per share in October 2010 to $41.25 per share in May 2013.
On june 25, 2013, NYSE:WFC shares closed at $40.30 per share.
Those who are current long term stockholders of shares of Wells Fargo & Co (NYSE:WFC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
NYSE:WFC Investor Alert: Lawsuit Against Officers of Wells Fargo & Co Filed