U.S. District Judge Jon S. Tigar of the Northern District of California on Jan. 5, 2017 approved Motley Rice as lead counsel for shareholders who purchased Wells Fargo common stock between Feb. 26, 2014 and Sept. 15, 2016. The approval came in an order filed in response to a motion to consolidate a pair of securities class actions previously filed on behalf of harmed shareholders.
The cases, Hefler v. Wells Fargo & Co., and Klein v. Wells Fargo & Co., were “almost identical” in their allegations that the bank made “materially false and misleading statements” through its use of a cross-selling strategy aimed at meeting financial needs, boosting the company’s growth and artificially inflating its stock price, Judge Tigar stated in a written order. “Therefore, the Court concludes that judicial convenience and a just resolution of the parties’ claims would be best served by consolidating the Related Securities Class Actions,” the order stated.
In addition, Judge Tigar appointed Union Asset Management Holding AG (Union) as lead plaintiff in the litigation as it was the moving party with the largest financial stake in the suit. Motley Rice represents Union and as such has been approved to represent the remainder of the class.
Read the full order.
If you purchased Wells Fargo stock between Feb. 26, 2014 and Sept. 15, 2016 and would like to learn more about your rights and joining a class action, you may contact Motley Rice securities attorneys by email.