SAN FRANCISCO, CA / ACCESSWIRE / September 29, 2016 / Hagens Berman Sobol Shapiro LLP alerts investors in Wells Fargo & Company (NYSE: WFC) to the securities class action lawsuit filed in the United States District Court for the Northern District of California and the November 25, 2016 Lead Plaintiff deadline.

If you purchased or otherwise acquired securities of WFC between February 26, 2014 and September 15, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit: https://www.hbsslaw.com/cases/WFC or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing WFC@hbsslaw.com.

On September 8, 2016, the U.S. Consumer Financial Protection Bureau ("CFPB") publicized a Consent Order detailing Wells Fargo's fraudulent cross-selling practices within its Community Banking business. These included illegally opening millions of client-unauthorized deposit and credit card accounts. The CFPB fined the Company more than $185 million related to the conduct.

On September 16, 2016, Reuters observed in an article titled "Wells Fargo faces scrutiny over lack of sales scandal disclosure" that the alleged fraud alarmed investors and lopped off roughly 7.5%, or $19 billion, from the Company's market capitalization.

During September 20, 2016, Chairman of the Board and CEO (John G. Stumpf) testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs. He allegedly admitted that he and the Wells Fargo Board knew in late 2013 that bank employees engaged in the fraudulent conduct. During the hearing, Senator Elizabeth Warren reportedly stated "[y]ou should resign" and "[y]ou should be criminally investigated."

Wells Fargo terminated nearly 5,300 low-level employees for improper cross-selling. But it allowed Carrie L. Tolstedt, the senior executive overseeing them, to retire with a reported compensation package in excess of $100 million. In addition, during the class period Stumpf and Tolstedt together sold Wells Fargo shares for proceeds of approximately $31 million.

"The Defendants repeatedly touted the cross-sell strategy while hiding the fact it was rife with fraud," said Hagens Berman partner Reed Kathrein. "Those unsound banking practices severely damaged investors."

Whistleblowers: Persons with non-public information regarding Wells Fargo & Company should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email. WFC@hbsslaw.com.

About Hagens Berman

Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:

Reed Kathrein, 510-725-3000

SOURCE: Hagens Berman Sobol Shapiro LLP