Stull, Stull & Brody Announces Class Action Lawsuit Against Wells Fargo & Co. on Behalf of Purchasers of Auction Rate

NEW YORK, NY, May 20 (MARKET WIRE) --
Attorney Advertising. Notice is hereby given that a class action has been
commenced in the United States District Court for the Northern District of
California against Wells Fargo & Co. (NYSE: WFC) and Wells Fargo
Investments, LLC (collectively, "Wells Fargo") on behalf of purchasers of
Auction Rate Securities from Wells Fargo between April 14, 2003 and February 13,
2008, inclusive (the "Class Period") who continued to hold such securities as
of February 13, 2008.

The complaint alleges that Wells Fargo violated Sections 10(b) and 20(a)
ofthe Securities Exchange Act of 1934 by deceiving investors about the
investment characteristics of Auction Rate Securities and the auction market in
which those securities traded. As alleged in the complaint, Auction Rate
Securities
are either municipal or corporate debt securities or preferred stocks which pay
interest at rates set at periodic "auctions" and generally have long-term
maturities
or no maturity dates. Wells Fargo offered and sold Auction Rate Securities to
the public as highly liquid cash-management vehicles that are suitable
alternatives to money market mutual funds. A decision of all major
broker-dealers on February 13, 2008 to "withdraw their support" for the
periodic auctions at which the interest rates paid on Auction Rate Securities
are
set is alleged to have impacted the ability of holders of Auction Rate
Securities
to liquidate their positions in these securities.

The complaint further alleges that Wells Fargo violated the Securities
Exchange Act
of 1934 by failing to disclose that: (i) Auction Rate Securities were not cash
alternatives, like money market funds, but were instead, complex, long-term
financial instruments with 30-year maturity dates, or longer; (ii) Auction Rate
Securities were only liquid at the time of sale because broker-dealers were
artificially supporting and manipulating the auction rate market to maintain
the appearance of liquidity and stability; (iii) broker-dealers routinely
intervened in auctions for their own benefit, to set rates and prevent
all-hold auctions and failed auctions; and (iv) Wells Fargo continued to market
Auction Rate Securities as liquid investments after it had determined that
broker-dealers were likely to withdraw their support for the periodic auctions
and
that a "freeze" of the market for auction rate securities would result.

If you purchased or otherwise acquired Auction Rate Securities from Wells
Fargo
between April 14, 2003 and February 13, 2008, and continued to hold such
securities as of February 13, 2008, you may move the Court no later than June
13, 2008, and request that the Court appoint you as lead plaintiff. A lead
plaintiff is a representative party acting on behalf of other class members
in directing the litigation. To be appointed lead plaintiff, the Court must
decide that your claim is typical of the claims of other class members, and that
you will adequately represent the class. Your ability to share in any recovery
will not be affected by the decision whether or not to serve as a lead
plaintiff.
You may retain Stull, Stull & Brody, or other attorneys of your choice, to
serve as your counsel in this action. Stull, Stull & Brody has litigated many
class actions for violations of securities laws in federal courts over the
past 30 years and has obtained court approval of substantial settlements on
numerousoccasions. Stull, Stull & Brody maintains offices in New York and Los
Angeles.

If you wish to discuss this matter, or have any questions concerning your
rights and interests with regard to this matter, please contact Tzivia Brody,
Esq. at Stull, Stull & Brody, by e-mail to SSBNY@aol.com, by calling toll-free
1-800-337-4983, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody,
6 East 45th Street, New York, NY 10017. You can also visit our website at
www.ssbny.com.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Contact:
Tzivia Brody, Esq.
Stull, Stull & Brody
Email Contact
1-800-337-4983

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