Those Who Purchased or Acquired Wells Fargo Common Stock, Traded on the New York Stock Exchange Under the Trading Symbol WFC (the "Security") During the Recovery Period (November 18, 2012 through September 14, 2016, inclusive), May be Eligible for Recovery from the Wells Fargo Fair Fund

MINNEAPOLIS, March 8, 2021 /PRNewswire/ -- The following is being released by the Securities and Exchange Commission.

On February 21, 2020, the Securities and Exchange Commission (the "Commission") issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order (the "Order") against Wells Fargo & Company ("Wells Fargo" or the "Respondent"). In the Order, the Commission found that from 2012 through 2016, the Respondent violated the federal securities laws by misleading investors regarding the success of the core business strategy of the Community Bank operating segment, its largest business unit. At all relevant times, Wells Fargo was a publicly traded financial services corporation with common stock registered under Section 12(b) of the Securities Exchange Act of 1934 ("Exchange Act") and quoted on the New York Stock Exchange (Ticker: WFC). According to the Order, Wells Fargo, among other things, failed to disclose to investors that the Community Bank's sales model had caused widespread unlawful and unethical sales practices misconduct that was at odds with its investor disclosures regarding needs-based selling, and that the publicly reported cross-sell metric included significant numbers of unused or unauthorized accounts. The Commission found that Wells Fargo violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.

Pursuant to the Order, the Respondent paid a $500 million civil money penalty to the Commission. In the Order, the Commission established a Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002 so the civil penalties paid by the Respondent can be distributed to harmed investors (the "Wells Fargo Fair Fund").

On March 10, 2020, the Commission appointed Miller Kaplan Arase LLP as Tax Administrator for the Wells Fargo Fair Fund to handle its tax obligations. On May 21, 2020, the Commission appointed the Fund Administrator to assist in developing and executing the Plan. On January 11, 2021, the Commission approved the Plan.

Who is Potentially Eligible for Compensation: To be eligible for a payment from the Wells Fargo Fair Fund, class members must satisfy certain eligibility criteria that are described in detail in the Plan. Those criteria include the following: 1) class member must have purchased or acquired Wells Fargo common stock, traded on the New York Stock Exchange under the trading symbol WFC, during the Recovery Period; 2) the approved transactions must calculate to an Eligible Loss Amount as calculated under the Plan and the Distribution Payment must equal or exceed $10.00; and 3) class member is not an Excluded Party as defined in the Plan.

How to File a Claim: Class members can complete and submit an online Claim Form or obtain a physical Claim Form by visiting the Wells Fargo Fair Fund's website at www.WellsFargoFairFund.com. If class members choose to submit their Claim Form online, they must submit it on or before 11:59 p.m. Eastern Standard Time on June 25, 2021.

To submit a Claim Form by mail, class members must submit it to the Fund Administrator at the following address by first class mail, postmarked (or if not sent by U.S. Mail, received) no later than June 25, 2021:

Wells Fargo Fair Fund
c/o Rust Consulting, Inc.
Fund Administrator - 6989
P.O. Box 1369
Minneapolis, MN 55440-1369

How to Obtain Relevant Documents or Additional Information: Copies of the Plan, the Plan Notice, and the Claim Form are available at www.WellsFargoFairFund.com. Class member may also obtain a copy by calling 1 (855) 225-1888 or by emailing the Fund Administrator at [email protected]. Information on the Wells Fargo Fair Fund is also available on the Commission's public website at https://www.sec.gov/divisions/enforce/claims/wells-fargo-company.htm.

SOURCE U.S. Securities and Exchange Commission

Related Links

http://www.WellsFargoFairFund.com