A lawsuit was filed on behalf of investors in Wells Fargo & Co (NYSE:WFC) shares over alleged securities laws violations and NYSE:WFC investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 09/28/2016 --An investor, who purchased shares of Wells Fargo & Co, filed a lawsuit in California over alleged Securities Laws violations by Wells Fargo & Co in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Wells Fargo & Co (NYSE:WFC) have certain options and for certain investors are short and strict deadlines running. Deadline: November 25, 2016. NYSE:WFC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that between February 26, 2014 and September 15, 2016 the defendants made allegedly false and misleading statements and/or 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.

Furthermore, the plaintiff alleges that 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 ("CFPB") announced that it had fined Wells Fargo & Co a record$100 million for the alleged widespread illegal practice of secretly opening unauthorized deposit and credit card accounts, citing the Company's own estimate that its employees had opened more than two million unauthorized accounts since 2011. In addition to the CFPB fine, Wells Fargo & Co 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 12, 2016, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that it will hold a hearing to further explore charges that thousands of the bank's employees secretly opened accounts and enrolled customers in services without their consent.

On September 13, 2016, Wells Fargo & Co announced that it will eliminate all product sales goals in its retail banking operations.

Those who purchased shares of Wells Fargo & Co have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com