WFC - WELLS FARGO ALERT: Bragar Eagel & Squire P.C. is Investigating Wells Fargo & Company on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Wells Fargo & Company (NYSE:WFC) on behalf of long-term stockholders following a class action complaint that was filed against Wells Fargo on June 28, 2022 with a Class Period from February 24, 2021 to June 9, 2022. Our investigation concerns whether the board of directors of Wells Fargo have breached their fiduciary duties to the company.
In 2020, Wells Fargo expanded its so-called "Diverse Search Requirement," also referred to as a diverse slate hiring policy, requiring that at least 50% of interview candidates must represent a historically underrepresented group with respect to at least one diversity dimension (including race/ethnicity, gender, LGBTQ, veterans, and people with disabilities) for most posted roles in the U.S. with total direct compensation greater than $100,000 per year. In addition, at least one interviewer on the hiring panel must represent a historically underrepresented group with respect to at least one diversity dimension.
On May 19, 2022, the New York Times published an article entitled "At Wells Fargo, a Quest to Increase Diversity Leads to Fake Job Interviews." Citing discussions with "seven current and former Wells Fargo employees," including Joe Bruno, a former executive in the Company's wealth management division, the article reported, in relevant part, that "[f]or many open positions, employees would interview a ‘diverse' candidate," but that "often, the so-called diverse candidate would be interviewed for a job that had already been promised to someone else." The article further reported that Mr. Bruno was fired after "complain[ing] to his bosses" about ...