| Company: | Wells Fargo & Company |
| Ticker Symbol: | NYSE: WFC |
| Class Period: | November 4, 2000 to April 11, 2006 |
| Date Filed: | April-4-08 |
| Lead Plaintiff Deadline: | June-23-08 |
| Court: | Northern District, CA |
| Allegations: |
A class action lawsuit was filed on April 4, 2008 in the
Northern District of California against Wells Fargo & Company (NYSE: WFC)
and certain of its affiliates including Wells Fargo Funds Management, LLC,
Wells Fargo Funds Distributor, LLC, Stephens Inc., and Wells Fargo Funds
Trust (collectively "Defendants") on behalf of all persons who purchased
one or more of the Wells Fargo Funds, now known as the Wells Fargo
Advantage Funds, (except for the Wells Fargo Diversified Equity Fund,
Montgomery Emerging Markets Fund and Small Cap Growth Fund) from November
4, 2000 through April 11, 2006 inclusive (the "Class Period"), seeking to
pursue remedies under the Securities Act of 1933 (the "Securities Act") and
the Securities Exchange Act of 1934 (the "Exchange Act").
If you purchased any of the Wells Fargo Mutual Funds between November 4, 2000 and April 11, 2006, inclusive, and sustained damages, you may, no later than June 23, 2008, move the Court to appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Additionally, at the early-notice stage, returning a form to counsel or communicating with counsel is unnecessary to participate in any recovery.
The Complaint alleges that during the Class Period, Defendants created undisclosed material conflicts of interest with members of the Class by entering into revenue-sharing agreements with brokerages and selling agents who sold the Wells Fargo Funds. Defendants financed these arrangements by illegally charging excessive and improper fees to the Wells Fargo Funds and their investors that should have been invested in the underlying portfolio. Defendants did not disclose to investors, at the time of purchase, their pre-existing and ongoing revenue sharing arrangements, but rather knowingly hid such information by way of material omissions and halftruths in the prospectuses and other offering documents. Defendants' failure to disclose the incentives constituted violations of federal securities laws.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you purchased any of the Wells Fargo Mutual Funds between November 4, 2000 and April 11, 2006, inclusive, and sustained damages, you may, no later than June 23, 2008, move the Court to appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Additionally, at the early-notice stage, returning a form to counsel or communicating with counsel is unnecessary to participate in any recovery.
The Complaint alleges that during the Class Period, Defendants created undisclosed material conflicts of interest with members of the Class by entering into revenue-sharing agreements with brokerages and selling agents who sold the Wells Fargo Funds. Defendants financed these arrangements by illegally charging excessive and improper fees to the Wells Fargo Funds and their investors that should have been invested in the underlying portfolio. Defendants did not disclose to investors, at the time of purchase, their pre-existing and ongoing revenue sharing arrangements, but rather knowingly hid such information by way of material omissions and halftruths in the prospectuses and other offering documents. Defendants' failure to disclose the incentives constituted violations of federal securities laws.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
