Hagens Berman Commences Class Action Against Wells Fargo

SEATTLE, Aug. 11 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP ("Hagens Berman") announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of bonds issued by the Wells Fargo Mortgage Backed Securities 2006-AR15 Trust (the "Trust") either pursuant to, or traceable to, the Trust's Registration Statement.

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The complaint charges the Trust, Wells Fargo Bank, Deutsche Bank and certain individuals with violations of the Securities Act of 1933.  The complaint alleges that the Trust's Registration Statement, Prospectus and Prospectus Supplement contained materially false and misleading statements regarding the underwriting standards and loan origination processes used in procuring the loans used to secure the bonds.  Specifically, the complaint alleges that the Registration Statement and related documents warranted, among other things, that the mortgages were made in conformity with applicable laws, and that the mortgages underlying the bonds issued by the Trust were underwritten pursuant to specific guidelines established by Wells Fargo Bank, but that these standards were disregarded in the actual mortgage loan underwriting process, leading to inadequate collateral securing these bonds and a corresponding loss in value to these bonds.  The complaint further alleges that Deutsche Bank was the underwriter for the Trust's offering of bonds, and failed to perform an adequate "due diligence" investigation prior to underwriting these bonds.

Plaintiff seeks to recover damages on behalf of all purchasers of bonds issued by the Trust pursuant to, or traceable to, the Trust's Registration Statement. The plaintiff is represented by Hagens Berman, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.  If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from this notice. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Karl Barth or Sean Matt of Hagens Berman Sobol Shapiro, LLP ("Hagens Berman") at (206) 623-7292, or via e-mail at [email protected]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

About Hagens Berman

Seattle-based Hagens Berman Sobol, LLP is a securities class-action law firm with offices in San Francisco, Chicago, Boston, Los Angeles, Phoenix and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com.

Media Contact: Mark Firmani – [email protected] | 206-443-9357

SOURCE Hagens Berman Sobol Shapiro LLP

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