Announcing Pendency of Class Action Involving Purchases of Wells Fargo & Co. Common Stock

NEW YORK, Dec. 2, 2022 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Wells Fargo Securities Litigation:

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA

To all persons and entities that purchased or otherwise acquired shares of the common stock of Wells Fargo & Co. ("Wells Fargo" or the "Company") during the period from November 3, 2016 through August 3, 2017, inclusive (the "Class Period").

You could be affected by a class action lawsuit against Wells Fargo and Individual Defendant Timothy Sloan (collectively "Defendants"). The Court, which authorized this notice, is allowing the case to proceed as a class action on behalf of a "Class" and appointed attorneys as "Class Counsel." The Court has not decided that Defendants did anything wrong. Defendants have not been ordered to pay any money. No settlement has been reached. There is no money available now and no guarantee that there will be.

What is this case about?
The lawsuit alleges Defendants knowingly concealed and made false statements about the Company's Collateral Protection Insurance and Guaranteed Asset Protection insurance products during the Class Period, allegedly in violation of the Securities Exchange Act of 1934. The Complaint further alleges that the omissions and false and misleading statements artificially inflated the price of Wells Fargo's common stock and that, when Defendants disclosed the true facts, Wells Fargo's stock price dropped. Defendants deny any wrongdoing in this lawsuit and believe that the claims are without merit.

Are you included?
You are a potential "Class Member" only if you purchased or otherwise acquired shares of the publicly-traded common stock of Wells Fargo during the period from November 3, 2016 through August 3, 2017, inclusive. Excluded from the Class are Defendants; present or former executive officers of Wells Fargo and their immediate family members. Also excluded from the Class is any person or entity that timely and validly requests exclusion from the Class. In addition, Defendants have reserved their rights to move to decertify the Class, in whole or in part, or to seek the exclusion from the Class of certain entities or individuals at a later date.

What are your options?
If you want to stay in the Class, you do not have to do anything now. If you do nothing, you will stay in the Class and be bound by the Court's orders and will lose any right you may have to sue Defendants regarding the factual circumstances and claims in this case. If you do not want to be a Class Member or to be bound by what the Court does and want to keep any rights you may have to sue Defendants over the factual circumstances and claims asserted in this case, you need to exclude yourself. To be excluded, you must send a letter to Wells Fargo 2018 Securities Litigation, c/o Gilardi & Co. LLC, ATTN: EXCLUSIONS, P.O. Box 5100, Larkspur, CA 94977-5100, and must include certain information, as set forth in the Long-Form Notice available at the website listed below. If you choose to exclude yourself, you cannot get money or benefits recovered if any are awarded at a later date. The deadline to exclude yourself is January 26, 2023.

Where to get more information?
This notice is only a summary. For more information, visit www.WellsFargo2018SecuritiesLitigation.com or call 1-888-416-6687.

Media Contact:
Robbins Geller Rudman & Dowd LLP
Shareholder Relations Department
Greg Wood
(619) 231-1058

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SOURCE Robbins Geller Rudman & Dowd LLP