
Kewaunee Scientific Corporation (KEQU)
Whether directors and officers of Kewaunee Scientific Corporation (KEQU) breached their fiduciary duties to the company and its shareholders.
Investigation
05/19/2022
Initial Lawsuit
06/28/2022
Lawsuit Progression
08/29/2022
Did Wells Fargo & Company (WFC) mislead investors about its commitment to diversity in the workplace and compliance with hiring regulations?
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We will update this post as it unfolds.
06/09/2022
The New York Times reveals that Federal prosecutors in New York are conducting a criminal investigation into whether Wells Fargo violated federal laws by conducting fake job interviews of minority and female job candidates, in direct response to its investigative report published on May 9, 2022.
“Since then, another 10 current and former employees have shared stories about how they were subject to fake interviews, or conducted them, or saw paperwork documenting the practice. The people spoke on the condition of anonymity because they feared retaliation from Wells Fargo or their current employers.”
The article also describes how “under federal law, for instance, it is a crime to interfere with “an applicant for private employment” in a way motivated by the applicant’s “race, color, religion or national origin.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$42.67 | $44.63 | $-1.96 | -4.39% |
A Wells Fargo & Company (WFC) shareholder filed a federal securities class action lawsuit on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Wells Fargo common stock between February 24, 2021 and June 9, 2022, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) Wells Fargo had misrepresented its commitment to diversity in the company’s workplace;
(ii) Wells Fargo conducted fake job interviews in order to meet its Diverse Search Requirement*;
(iii) the foregoing conduct subjected Wells Fargo to an increased risk of regulatory and/or governmental scrutiny and enforcement action, including criminal charges;
(iv) all of the foregoing, once revealed, was likely to negatively impact Wells Fargo’s reputation; and
(v) as a result, the company’s public statements were materially false and misleading at all relevant times.
*as described in the complaint 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.”
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 09/27/2022.
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