Wells Fargo(US:WFC) GlobeNewswire News Roomยท2025-07-30 22:36Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Wells Fargo due to allegations of misleading statements regarding its diversity hiring practices and the conduct of fake job interviews [1][6][7]. Group 1: Allegations and Investigations - A class action complaint was filed against Wells Fargo on June 28, 2022, concerning the period from February 24, 2021, to June 9, 2022, focusing on potential breaches of fiduciary duties by the board of directors [1]. - Reports indicated that Wells Fargo's diverse hiring policy led to fake job interviews, where candidates were interviewed for positions already promised to others [3][5]. - Federal prosecutors have opened a criminal inquiry into Wells Fargo's hiring practices, investigating whether the bank violated federal laws by conducting these fake interviews [5]. Group 2: Impact on Stock Price - Following the publication of the New York Times article on May 19, 2022, Wells Fargo's stock price fell by $0.44, or 1.04%, closing at $41.67 per share [4]. - After the June 9, 2022, revelations regarding the federal inquiry, Wells Fargo's stock price dropped by $3.68, or 8.62%, closing at $38.99 per share [5]. Group 3: Company Response - In response to the allegations, Wells Fargo temporarily paused its diverse slate hiring policy and announced a review of its guidelines to ensure proper implementation [5]. - The company confirmed the pause in its diverse slate guidelines in a press release, emphasizing the need for clarity among hiring managers and recruiters [5].