Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating possible violations of federal securities laws on behalf of investors of Wells Fargo & Company ("Wells Fargo" or the "Company") (NYSE: WFC).
On April 5, 2020, Wells Fargo issued a press release detailing plans to distribute a total of $10 billion to small business customers under the requirements of the Paycheck Protection Program ("PPP"). This was soon followed by an announcement that the Federal Reserve would allow Wells Fargo to exceed the asset cap it had previously imposed due to the 2018 unauthorized openings of client accounts. This change would allow for Wells Fargo to make additional small business loans as part of the PPP.
On April 19, 2020, it was reported that Wells Fargo may have unfairly allocated government-backed loans under the PPP. This news caused Wells Fargo stocks to fall from $28.38 to $26.84, a drop of over 5%, in the following two trading days.
On May 5, 2020, Wells Fargo issued their quarterly SEC filing, stating that they had "received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans." The following day, Wells Fargo's stock fell from $26.32 to $25.61, a decline of almost 3%.
If you are a shareholder of Wells Fargo who suffered a loss, we encourage you to contact attorney Andrea Farah of Lowey Dannenberg at (914) 733-7256 or email@example.com to learn more about this investigation or to discuss your options.
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.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601