Market Newsdesk

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against JPMorgan Chase & Co.  (“JPMorgan” or the “Company”) (NYSE: JPM) and certain of its officers.  The class action, filed in United States District Court for the Eastern District of New York, and docketed under 20-cv-05590, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired JPMorgan securities between February 23, 2016 and September 23, 2020, inclusive (the “Class Period”).  Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased JPMorgan securities during the class period, you have until December 23, 2020 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]
 

JPMorgan purports to operate as a financial services company worldwide. The Company operates in four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. 

The complaint alleges that during the Class Period, Defendants knowingly and/or recklessly made false and/or misleading statements about the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) traders at the Company, with the knowledge and consent of their superiors, manipulated the precious metals market by “spoofing,” or placing fake orders to generate the appearance of market demand; (ii) the Company had insufficient controls and compliance protocols to enable it to identify and stop the misconduct; (iii) the Company’s earnings in the physical commodity market were, at least in part, ill-gotten; (iv) such conduct would result in enhanced regulatory scrutiny; (v) the Company provided misleading information to Commodity Futures Trading Commission investigators at early stages of the investigation into the misconduct; (vi) resolution of the governmental investigation into the Company would foreseeably result in a significant fine; and (vii) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On November 6, 2018, the Department of Justice (“DOJ”) announced in a press release that former JPMorgan precious metals trader John Edmonds pleaded guilty to commodities fraud and spoofing conspiracy. 

On August 20, 2019, the DOJ announced that another JPMorgan employee, Christian Trunz, pled guilty to spoofing charges, and had done so with the knowledge and consent of his supervisors. 

On September 23, 2020, Bloomberg reported that the Company was nearing a settlement to resolve the spoofing charges.  According to sources, the settlement was to be for a record of nearly $1 billion.

On this news, shares of JPMorgan stock fell $1.53 per share, or approximately 2%, to close at $92.74 per share on September 23, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP

BENGALURU, India, Dec. 3, 2020 /PRNewswire/ — Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, together with HFS Research unveiled a market study titled, ‘Nowhere to Hide: Embracing the Most Seismic Technological and Business Change in our Lifetime.’ Focusing on how the COVID-19 pandemic has impacted businesses across industries, this joint study by Infosys and HFS Research revealed that numerous organizations have accelerated the adoption of automation, digital business models, and the hyper-scale cloud to respond to customer needs quickly and competitively. The report also brought to fore a shift in corporate mindset to advocate change and digitize businesses.

The world changed overnight as COVID-19 created a state of upheaval and economic uncertainty, deeming the real-time prediction of complex risk scenarios as critical. The HFS Research spotlights the emergence of dynamic digital organizations energized by technology that has opened avenues for rapid progression and business growth. The report further highlights that more than digitizing processes, digital transformation is about business leaders reshaping existing business models and exploring new ways of uniting people, data, and processes to create value for their customers. The Infosys-HFS Research additionally emphasizes the strategies implemented by successful companies in various industries (G2K) to survive and thrive in the post-pandemic economy.

For the study, HFS Research, in partnership with Infosys, surveyed 400 Global 2000 executives to understand how businesses can survive and thrive in the economy riddled with the pandemic. It offers perspectives to develop an outlook for IT and business services in the current geopolitical environment.

Key findings:

• Bigger impact: Almost 70 percent of respondents believe that COVID-19 will have a bigger impact than the 2008 downturn with budgets, supply chains, employee availability, and customer intimacy being impacted the most.
• Businesses that will thrive: The public sector, banking, insurance, healthcare, life sciences, and the high-tech industry respondents are relatively confident as they see emerging opportunities for making appropriate investments amid the crisis.
• Protecting the business: At least 65 percent of respondents are insulating their business from volatility by building diverse customer pools and investing in an agile business model. 
• Digitize and Adapt: Over 60 percent of enterprises plan to accelerate their digital transformation initiatives and over 70 percent plan to change their product and service portfolio to drive greater customer value.
• Critical IT investments to compete: Investing in creating a virtual, secure, and cloud-enabled IT environment that enables remote working at scale (virtualization, collaboration, security). Investments in the cloud, cybersecurity, and modernizing core IT apps and infrastructure are at the top of the priority heap.
• Increased IT spending: Enterprises expect to increase their spending the most on business and digital consulting, followed by IT infrastructure services (including cloud). They expect the demand for IT and business process services to pick up to serve the dual purpose of driving digital while saving cash.
• Unleash your people to thrive. Nearly 90 percent of organizations realize they need to reposition to unleash people in the new reality. Post-COVID, working arrangements will change dramatically. Only 37 percent prefer a return to an office-based environment. The work culture will evolve from siloed working to interdisciplinary collaboration.

Pravin Rao, Chief Operating Officer at Infosys said, “Post-COVID, we have witnessed accelerated scaling of digital across most enterprises. The strategic investment in cloud, cybersecurity, and modernization is not only helping businesses sharpen their focus on end-to-end customer journeys but also enabling them to do a lot more with much higher agility. With so much at stake to drive customer centricity and productivity, investment in employees and ensuring their well-being is of paramount importance. In a distributed work environment such as today, employees are an important centerpiece within the companies’ strategy framework and therefore, it is imperative for organizations to see how the hybrid work model can be made more effective, productive, resilient, and secure.”

“A new dawn will emerge as the fog clears. We must embrace this brave new business world where a perfect alignment of business outcomes and their enabling technologies demand all our focus and creativity. We are living through the emergence of dynamic digital organizations where people are energized by technology, where they plug into business experiences that are progressing rapidly to places where the possibilities are limitless, where the future is unravelling before our eyes.  What we have experienced – inside of a single year – is the coming together of people to confront their fear of change to face the reality that their organization will sink without it,” said Phil Fersht, CEO and Chief Analyst, HFS Research.

For a full copy of the report, please click here  

Methodology

HFS Research, in partnership with Infosys, surveyed 400 Global 2000 executives to understand how businesses can survive and thrive in the pandemic economy and to develop an outlook for IT and business services in the current geopolitical environment. HFS segmented the research findings according to its four phases of pandemic shock response: crisis, stabilization, realization, and unleashing people.

About Infosys Ltd.

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe harbor:

“Certain statements in this release concerning our future growth prospects and financial expectations are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding Covid-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.”

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SOURCE Infosys

LONDON, Dec. 3, 2020 /PRNewswire/ — S&P Global Platts (“Platts”), the leading independent provider of information and benchmark prices for the commodities and energy markets, announced today that it has opened a formal consultation on the possible inclusion of WTI Midland crude in Dated Brent, the global light sweet crude oil benchmark, and all related price assessments. Platts invites feedback on the proposal by February 5, 2021.

Vera Blei, Head of Oil Markets Price Reporting, S&P Global Platts said: “As part of our active stewardship of the world’s most important oil benchmark, we have launched a formal consultation to gather feedback from market participants on the potential addition of WTI Midland to the basket of crudes reflected in the Dated Brent complex. Since the restart of US crude exports in 2015, WTI Midland has become a baseload grade for European refiners and a core part of the North Sea oil market.  WTI Midland is a light sweet crude with similar characteristics to the rest of the Dated Brent basket. With robust daily export volumes of over 1 million barrels per day (b/d), its inclusion within the Dated Brent basket would provide additional volume and ensure the continued robustness of Dated Brent for the next decade and beyond.” 

Platts is inviting market feedback on the potential addition of US WTI Midland to the basket of crudes reflected in its Dated Brent FOB North Sea, Dated Brent CIF Rotterdam, and Cash BFOE assessments. WTI Midland is a light sweet crude oil grade with a typical monthly export volume of 1.078 million B/D during 2020, of which around 443,000 b/d arrived in Europe.

Platts assesses WTI Midland in Europe both on a delivered basis, as DAP Rotterdam, and loading as FOB basis Scapa Flow in the North Sea. In assessing the value of WTI Midland on an FOB Scapa Flow basis, Platts considers bids and offers for the grade loading ship-to-ship (STS) basis Scapa Flow. Platts also considers bids and offers of WTI Midland on a Rotterdam delivered basis, which are converted back to Scapa Flow using the existing freight adjustment factor. Under this proposal, Platts would include WTI Midland FOB basis Scapa Flow in the Dated Brent basket, alongside Brent Ninian Blend, Forties, Oseberg, Ekofisk and Troll. On each date of the assessment period the most competitive of the six grades would be used to form Dated Brent.

“We welcome feedback from market participants on the proposal to include WTI Midland in the Brent basket, including any comments on a potential quality premium, timing of implementation and the associated logistics. The steps we took at the start of 2019 to reflect competitive CIF Rotterdam offers of Brent, Forties, Oseberg, Ekofisk, and Troll cargoes enabled the grades to continue to play the fullest possible role in establishing the value of Dated Brent and also paved the way for the potential inclusion of grades from outside the North Sea, such as WTI Midland,” added Joel Hanley, Head of Crude Oil Pricing, S&P Global Platts.

Full Details of the subscriber note are here.

Media Contacts:

Americas: Kathleen Tanzy + 1  917-331-4607, [email protected]

About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We’re the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil, gas, LNG, power, petrochemicals, metals, agriculture and shipping.

S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.platts.com.

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SOURCE S&P Global Platts

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of First American Financial Corporation (“First American” or the “Company”) (NYSE: FAF).  Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether First American and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 24, 2019, KrebsOnSecurity reported that First American’s website “leaked hundreds of millions of documents related to mortgage deals going back to 2003.”  The records included bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and driver’s license images-all of which “were available without authentication to anyone with a Web browser.”  Approximately 885 million records were exposed. 

On this news, First American’s stock price fell $3.31 per share, or 6%, to close at $49.52 per share on May 27, 2019. 

Then, on October 22, 2020, after the market closed, First American disclosed receipt of a Wells Notice from the U.S. Securities and Exchange Commission (“SEC”), regarding a preliminary determination to file an enforcement action against the Company related to the security breach.  Specifically, the SEC questioned the adequacy of the Company’s disclosures at the time of the incident and the adequacy of its disclosure controls. 

On this news, First American’s stock price fell $4.83 per share, or 9.36%, to close at $46.75 per share on October 22, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-first-american-financial-corporation—faf-301185460.html

SOURCE Pomerantz LLP

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of  Innate Pharma S.A. (“Innate” or the “Company”) (NASDAQ: IPHA).  Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Innate and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]
 

On October 23, 2018, Innate and AstraZeneca plc (“AstraZeneca”) announced an expansion of a pre-existing collaboration agreement between the two companies, pursuant to which AstraZeneca purchased 9.8% of a newly-issued equity stake in Innate and obtained, among other things, full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody.  As part of this agreement, Innate was to receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab.  Then,  on September 8, 2020, Innate issued a press release announcing, in relevant part, that Innate and AstraZeneca had amended their collaboration agreement, such that Innate “will now receive a $50 million payment upon AstraZeneca’s dosing of the first patient in the Phase 3 trial, and a $50 million payment after the interim analysis demonstrates the combination meets a pre-defined threshold of clinical activity.” 

On this news, Innate’s American Depositary Share (“ADS”) price fell $1.62 per share, or 26.6%, to close at $4.45 per ADS on September 8, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP 
[email protected] 
888-476-6529 ext. 7980

View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-innate-pharma-sa—ipha-301185461.html

SOURCE Pomerantz LLP

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Zosano Pharma Corporation (“Zosano” or the “Company”) (NASDAQ: ZSAN) and certain of its officers.  The class action, filed in United States District Court for the Northern District of California, and docketed under 20-cv-07850, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Zosano securities between February 13, 2017 and September 30, 2020, inclusive (the “Class Period”), seeking to pursue claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Zosano securities during the class period, you have until December 28, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]
 

Zosano is a clinical-stage pharmaceutical company. Its proprietary intracutaneous delivery system purports to offer rapid absorption of drug, consistent drug delivery, improved ease of use, and room-temperature stability.  Its intracutaneous patch consists of an array of titanium microneedles that are coated with Zosano’s proprietary formulation of a previously approved drug that is attached to an adhesive patch.  The patch purports to offer rapid and consistent delivery of the drug via the microneedles that penetrate the skin, resulting in dissolution and absorption of the drug.

Zosano’s lead product candidate is Qtrypta (M207), a formulation of zolmitriptan coated onto the Company’s microneedle patch.  The Company’s pivotal efficacy trial, called ZOTRIP, began in July 2016.  In December 2019, Zosano submitted its New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) seeking regulatory approval for Qtrypta.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) the Company’s clinical results reflected differences in zolmitriptan exposures observed between subjects receiving different lots; (ii) pharmocokinetic studies submitted in connection with the Company’s NDA included patients exhibiting unexpected high plasma concentrations of zolmitriptan; (iii) as a result of the foregoing differences among patient results, the FDA was reasonably likely to require further studies to support regulatory approval of Qtrypta; (iv) as a result, regulatory approval of Qtrypta was reasonably likely to be delayed; and (v) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

On September 30, 2020, after the market closed, Zosano disclosed receipt of a discipline review letter (“DRL”) from the FDA regarding its NDA for Qtrypta and stated that approval was not likely.  According to the Company’s press release, the FDA “raised questions regarding unexpected high plasma concentrations of zolmitriptan observed in five study subjects from two pharmacokinetic studies and how the data from these subjects affect the overall clinical pharmacology section of the application.”  The FDA also “raised questions regarding differences in zolmitriptan exposures observed between subjects receiving different lots of Qtrypta in the company’s clinical trials.”

On this news, the Company’s share price fell $0.92 per share, or 56.79%, to close at $0.70 per share on October 1, 2020, on unusually heavy trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

View original content:http://www.prnewswire.com/news-releases/shareholder-alert–pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-zosano-pharma-corporation-of-class-action-lawsuit-and-upcoming-deadline—zsan-301185464.html

SOURCE Pomerantz LLP

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Bayerische Motoren Werke Aktiengesellschaft (“BMW” or the “Company”) (OTCMKTS: BMWYY; BAMXF).  Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether BMW and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On December 23, 2019, the Wall Street Journal reported that the U.S. Securities and Exchange Commission (“SEC”) was probing BMW’s sales practices, specifically stating that “[t]he regulator is looking into whether the Munich-based automaker engaged in a practice known as sales punching”—i.e., “boosting sales figures by having dealers register as sold when the vehicles actually are still standing on car lots.”  Then, on September 24, 2020, the SEC announced a settlement agreement with BMW regarding the investigation.  According to the SEC’s order, from January 2015 to March 2017, BMW US “used its demonstrator and service loaner programs to boost reported retail sales volume and meet internal targets, resulting in demonstrator and loaner vehicles accounting for over one-quarter of BMW [US]’s reported retail sales in this period.”  Additionally, the SEC order found that between 2015 and 2019, BMW US maintained a reserve of unreported retail vehicles sales—referred to internally as the “bank”—that it used to meet internal monthly sales targets regardless of when the actual sale occurred.  The SEC order also found that BMW improperly designated vehicles as demonstrators or loaners so they would be counted as sold when in actuality they were not.  Without admitting to or denying the SEC order’s findings, BMW agreed to a settlement to pay $18 million and cease and desist from future violations.  Following each of the foregoing disclosures, the prices of BMW’s American Depositary Receipts fell sharply, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-bayerische-motoren-werke-aktiengesellschaft-bmwyy-bamxf-301185466.html

SOURCE Pomerantz LLP

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Wells Fargo & Company (“Wells Fargo” or the “Company”) (NYSE: WFC) and certain of its officers.  The class action, filed in United States District Court for the Northern District of California and docketed under 20-cv-07997, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Wells Fargo securities between October 13, 2017 and October 13, 2020, inclusive (the “Class Period”).  Plaintiff seeks to pursue remedies against Wells Fargo and certain of the Company’s current and former senior executives under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Wells Fargo securities during the Class Period, you have until December 29, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]
 

Wells Fargo is a global financial services company headquartered in San Francisco, California.  The Company provides banking, investment and mortgage products and services, as well as other consumer and commercial financial services.  It is one of the largest banks in the world as measured by both market capitalization and total assets.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Wells Fargo had systematically failed to follow appropriate underwriting standards and due diligence guidelines in issuing billions of dollars’ worth of commercial loans, including by inflating the net income and future expected cash flows of its commercial clients to justify issuing excessive loan amounts; (ii) a materially higher proportion of Wells Fargo’s commercial loan customers were of poor credit quality and/or at a substantially higher risk of default than disclosed to investors; (iii) Wells Fargo had failed to timely write down commercial loans, collateralized loan obligations (“CLOs”) and commercial mortgage backed securities (“CMBS”) on its books that had suffered impairments; (iv) Wells Fargo had materially understated the reserves needed for expected credit losses in its commercial portfolios; (v) Wells Fargo had systematically misrepresented the credit quality and likelihood of default of the loans it packaged and securitized into CLOs and CMBS, including by artificially inflating the net income and expected cash flows of its commercial clients in loan and securitization documentation; (vi) the CLO and CMBS-related loans issued and investment securities held by Wells Fargo were of lower credit quality and worth far less than represented to investors; (vii) as a result of (i)-(vi) above, Wells Fargo’s Class Period statements regarding the credit quality of its commercial loans, its underwriting and due diligence practices, and the value of its CLO and CMBS books were materially false and misleading; and (viii) as a result of all the foregoing, Wells Fargo was exposed to severe undisclosed risks of financial, reputational and legal harm, in particular in the event of significant and sustained stress in the commercial credit markets.

On April 14, 2020, Wells Fargo issued a press release providing its results for the first quarter of 2020.  The release revealed a stunning deterioration in the Company’s credit portfolio, particularly with respect to its commercial loans.

On this news, Wells Fargo’s stock price fell 14% over the following three trading sessions, closing at $26.89 per share on April 16, 2020.

Then, on May 5, 2020, Wells Fargo filed its quarterly report for the first quarter with the SEC, which stated that the fair value of the Company’s CLO investments held-for-sale had fallen to $26.9 billion by the quarter’s end, a 9% decline from the end of the quarter and year ended December 31, 2019 (“FY19”), and that Wells Fargo had suffered $1.7 billion in unrealized losses on its CLO investments during the quarter.

On this news, Wells Fargo’s stock price fell another 6% over two trading days to close at $25.61 per share on May 6, 2020.

Then, on June 10, 2020, Wells Fargo’s Chief Financial Officer John Shrewsberry (“Shrewsberry”) presented at the Morgan Stanley Virtual US Financials Conference.  During the conference, Shrewsberry revealed that Wells Fargo’s second quarter reserve build would be even “bigger than the first quarter” as a result of continued deterioration in the Company’s credit portfolio. 

On this news, Wells Fargo’s stock price fell 18% over two trading days to close at $26.79 per share on June 11, 2020.

On July 14, 2020, Wells Fargo issued a release providing its results for the second quarter of 2020.  The release stated that Wells Fargo had suffered a $2.4 billion loss during the quarter, or ($0.66) per share, largely as a result of deterioration in its commercial credit portfolio.

On this news, Wells Fargo’s stock price fell another 5% to close at $24.25 per share on July 14, 2020. 

Finally, on October 14, 2020, Wells Fargo issued a release providing its results for the third quarter of 2020.  The release stated that Wells Fargo had recognized another provision expense of $769 million and that non-accrual loans had increased $2.5 billion, or 45%, to $8 billion during the quarter.

On this news, Wells Fargo’s stock price fell another 6% to close at $23.25 per share on October 14, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

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SOURCE Pomerantz LLP