Girard Gibbs LLP Announces Class Action Lawsuit Filed Against Wells Fargo & Co. (NYSE:...

Girard Gibbs LLP Announces Class Action Lawsuit Filed Against Wells Fargo & Co. (NYSE: WFC)

SAN FRANCISCO--(Business Wire)--
The law firm of Girard Gibbs LLP (http://www.girardgibbs.com)
announces that it is has filed a class action lawsuit on behalf of
persons who purchased Auction Rate Securities from Wells Fargo & Co.
(NYSE:WFC) and Wells Fargo Investments, LLC between April 14, 2003 and
February 13, 2008, inclusive (the "Class Period"), and who continued
to hold such securities as of February 13, 2008.

The class action, captioned Van Dyke, et al. v. Wells Fargo & Co.,
et al., CV-08-1962 (JSW), is pending in the United States District
Court for the Northern District of California. The class action is
brought against Wells Fargo & Co. and its wholly-owned broker-dealer
subsidiary, Wells Fargo Investments, LLC.

The Complaint alleges that Wells Fargo violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 by deceiving investors
about the investment characteristics of auction rate securities and
the auction market in which these securities traded. Auction rate
securities are either municipal or corporate debt securities or
preferred stocks which pay interest at rates set at periodic
"auctions." Auction rate securities generally have long-term
maturities or no maturity dates.

The Complaint alleges that, pursuant to uniform sales materials
and top-down management directives, Wells Fargo offered and sold
auction rate securities to the public as highly liquid cash-management
vehicles and as suitable alternatives to money market mutual funds.
According to the Complaint, holders of auction rate securities sold by
Wells Fargo and others have been unable to liquidate their positions
in these securities following the decision on February 13, 2008 of all
major broker-dealers including Wells Fargo to "withdraw their support"
for the periodic auctions at which the interest rates paid on auction
rates securities are set.

The Complaint alleges that Wells Fargo failed to disclose the
following material facts about the auction rate securities it sold to
the class: (1) the 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; (2) the
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; and (3) broker-dealers routinely intervened in auctions for
their own benefit, to set rates and prevent all-hold auctions and
failed auctions.

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, no
later than June 13, 2008, 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 is not
affected by the decision whether or not to serve as a lead plaintiff.
You may retain Girard Gibbs LLP, or other attorneys, to serve as your
counsel in this action.

If you wish to discuss your rights as an investor in auction rate
securities through Wells Fargo or any other brokerage, please contact
Girard Gibbs LLP toll-free at (866) 981-4800. A copy of the complaint
is available from the Court, or can be viewed on Girard Gibbs LLP's
website at: here.

Girard Gibbs LLP is one of the nation's leading firms representing
individual and institutional investors in securities fraud class
actions and litigation to correct abusive corporate governance
practices, breaches of fiduciary duty and proxy violations. For more
information, please access the firm's web site,
www.girardgibbs.com/auctionrate.html. To discuss this class action
with us, please contact the following attorneys:

Daniel C. Girard (dcg@girardgibbs.com)

Jonathan K. Levine (jkl@girardgibbs.com)

Aaron M. Sheanin (ams@girardgibbs.com)

601 California Street, 14th Floor

San Francisco, CA 94108

Phone number: (866) 981-4800

Website: here

Girard Gibbs LLP
Daniel C. Girard, Jonathan K. Levine, or Aaron M. Sheanin
415-981-4800

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