Purple Mountain Trust v. Wells Fargo & Company
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 5 PURPLE MOUNTAIN TRUST, Case No. 18-cv-03948-JD
Plaintiff,
ORDER RE CLASS CERTIFICATION
v.
WELLS FARGO & COMPANY, et al., Defendants.
11 This is a putative securities class action against defendants Wells Fargo & Company and its former CEO, Timothy Sloan (together, Wells Fargo). Purple Mountain Trust is out of the case, see Dkt. No. 24, and the Construction Laborers Pension Trust for Southern California (Construction Laborers) is now lead plaintiff on behalf of persons who purchased or acquired Wells Fargo common stock between November 3, 2016, and August 3, 2017. The operative complaint, Dkt. No. 46, alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b), 78t(a), and Securities and Exchange Commission Rule 10b-5. Dkt. No. 46 ¶¶ 2, 16. The Court sustained the Section 10(b) and Rule 10b-5 claims based on two alleged misstatements, and dismissed all other claims. Dkt. No. 74. Construction Laborers asks to certify 22…