According to the Complaint, the Company made false and misleading statements to the market. Wells Fargo failed to maintain appropriate internal controls over financial reporting. The Company did not maintain compliance with the 2018 regulatory consent orders against it. Remedial plans developed by the Company were insufficient to prevent further consumer abuses. These remedial measures also failed to protect the Company’s customers from consumer fraud. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Wells Fargo, investors suffered damages.
Wells Fargo & Company
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