Mullen

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

EMPLOYEES’ RETIREMENT SYSTEM OF THE STATE OF HAWAII, on behalf of itself and similarly-situated individuals, No. C 20-07674 WHA

Plaintiff,

v.

WELLS FARGO & COMPANY, C. ALLEN ORDER RE MOTION

TO DISMISS

PARKER, TIMOTHY J. SLOAN, JOHN R.

SHREWSBERRY, PERRY PELOS, MARK

MYERS, and KARA MCSHANE,

Defendants.

17 INTRODUCTION In this putative securities class action, defendants move to dismiss. To the extent stated, defendants’ motion is GRANTED. STATEMENT Here follow the facts, as pleaded. At all material times, Wells Fargo & Company was a financial services and bank holding company. Among other services, it originated commercial real estate (CRE) loans to fund the purchase, remodeling, or refinancing of commercial property, as well as commercial and industrial (C&I) loans to fund business operating expenses (Amd. Compl. ¶ 51). In addition to originating commercial loans, Wells Fargo…