The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Wells Fargo & Company (NYSE: WFC) ("Wells Fargo" or the "Company") securities during the period between January 13, 2017, and July 27, 2017, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until April 16, 2018 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Wells Fargo securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that Wells Fargo charging more than 800,000 customers for unneeded auto insurance, the expense for which pushed approximately 274,000 Wells Fargo customers into delinquency and resulted in almost 25,000 vehicle repossessions, would foreseeably subject Wells Fargo to heightened regulatory scrutiny and/or enforcement actions.

According to the complaint, following a July 27, 2017 The New York Times article referencing the 800,000 people who were charged for auto insurance they did not need, the 25,000 wrongful vehicle repossessions and that "the bank owed $73 million to wronged customers," the value of Wells Fargo shares declined significantly.

If you have suffered a loss in excess of $100,000 from investment in Wells Fargo securities purchased on or after January 13, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at or by telephone at (410) 415-6616.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

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