Lead Plaintiff Deadline: December 29, 2020
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1) although defendants reassured investors that Wells Fargo’s commercial credit portfolios were of exceptional credit quality and the product of robust, industry-leading underwriting and due diligence policies and procedures, Wells Fargo actually fueled its rapid commercial loan growth by lending to businesses that posed a heightened risk of default; 2) Wells Fargo systematically concealed these credit risks by artificially inflating the incomes generated by borrowing businesses, relaxing or failing to follow applicable underwriting procedures, and circumventing applicable risk controls; and 3) Wells Fargo exacerbated the threat posed by its defective commercial debt by packaging the loans into CLOs and CMBS and widely distributing these securitized products throughout the financial system.
In order to be included in the lawsuit, you must have incurred a loss on shares of Wells Fargo, either: A) purchased or acquired during the class period listed above, if applicable; or B) pursuant to the Initial Public Offering (IPO) of Wells Fargo, if applicable.
If you suffered a loss in Wells Fargo during the relevant time frame, or pursuant to Wells Fargo’s IPO if listed above, you have until December 29, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.