Rigrodsky & Long, P.A. Announces Investigation Of Wells Fargo & Company For Possible Violations Of The Federal Securities Laws

Rigrodsky & Long, P.A. announced that it has launched an investigation on behalf of the shareholders of Wells Fargo & Company, with respect to whether the Company and certain of its officers and/or directors have possibly violated the federal securities laws. On February 28, 2012, the Company filed its annual report for the period ended December 31, 2011, in which it disclosed its receipt of a Wells Notice from the United States Securities and Exchange Commission (SEC), concerning its disclosures in mortgage-backed securities offering documents. A Wells Notice is a letter sent by the SEC when it is planning to bring an enforcement action, and provides the person or firm with an opportunity to provide information why such action should not be brought. The Company also disclosed that “[g]overnment agencies continue investigations or examinations of other mortgage related practices of Wells Fargo. The investigations relate to two main topics, whether the Company argo may have violated fair lending or other laws and regulations relating to mortgage origination practices; and whether the Company properly disclosed in offering documents for its residential mortgage-backed securities the facts and risks associated with those securities.”