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The filed complaint alleges that Franklin Resources, Inc. made materially false and/or misleading statements and/or failed to disclose that: Franklin subsidiary Western Asset Management Company issued a press release on August 21, 2024, announcing that co-Chief Investment Officer Ken Leech “is on a leave of absence, effective immediately” after “receiv[ing] a Wells Notice from the Staff of the U.S. Securities and Exchange Commission”. That same day, Bloomberg reported that “[f]ederal prosecutors in New York are investigating whether a Western Asset Management executive allocated winning trades to favored accounts, as part of a criminal probe into a practice known as ‘cherry-picking.’” Following this news, Franklin’s stock price fell over 12% on August 21, 2024.
In order to be eligible to join the BEN class action lawsuit, you must have incurred a loss on shares of Franklin Resources, Inc. purchased during the class period listed above.
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