NEW YORK, Oct. 26, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Wells Fargo & Company securities (NYSE:WFC) from February 26, 2014 through September 15, 2016, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Wells Fargo investors under the federal securities laws.

To join the Wells Fargo class action, go to the firm’s website at http://rosenlegal.com/cases-957.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for more information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, throughout the Class Period defendants issued false and misleading statements to investors that Wells Fargo’s cross-selling efforts to retail customers were the product of a carefully designed system that resulted in Wells Fargo 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.  Wells Fargo also failed to disclose that an ongoing internal investigation had determined by the beginning of the Class Period that employees in the Community Banking segment had engaged in a wide ranging scheme to inflate Wells Fargo’s financial performance figures by opening millions of unauthorized deposit and credit card accounts, ultimately resulting in more than 5,000 employee terminations. As a result, defendants’ statements about Wells Fargo’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 25, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-957.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.

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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Contact Information:
      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      Kevin Chan, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 34th Floor
      New York, NY  10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      lrosen@rosenlegal.com
      pkim@rosenlegal.com
      kchan@rosenlegal.com
      www.rosenlegal.com