Wells Fargo Under Investigation: A Closer Look at Shareholder Rights and Stock Performance

Bragar Eagel & Squire, P.C. investigates potential claims against Wells Fargo (NYSE: WFC) for breaches of fiduciary duties.
Controversies surrounding Wells Fargo's "Diverse Search Requirement" policy and its impact on the stock price.
Despite challenges, Wells Fargo maintains a strong market position with an "Outperform" rating from Evercore ISI and a positive outlook from investors.

Bragar Eagel & Squire, P.C., a well-known shareholder rights law firm, is investigating potential claims against Wells Fargo (NYSE: WFC) for long-term stockholders. This follows a class action complaint filed on June 28, 2022, covering a period from February 24, 2021, to June 9, 2022. The focus is on whether Wells Fargo's board breached their fiduciary duties.

Wells Fargo, a major player in the banking industry, introduced a "Diverse Search Requirement" in 2020. This policy required that at least 50% of interview candidates for certain roles be from underrepresented groups. However, a New York Times article on May 19, 2022, revealed that many interviews were allegedly fake, leading to a 1.04% drop in the stock price, closing at $41.67 on May 20, 2022.

Further scrutiny led to Wells Fargo pausing its diverse slate hiring policy, as reported by Reuters on June 6, 2022. CEO Charles Scharf announced a review of these guidelines. On June 9, 2022, the New York Times reported a federal criminal inquiry into the hiring practices, causing an 8.62% decline in the stock price, closing at $38.99 on June 13, 2022.

Despite these challenges, Evercore ISI maintained an "Outperform" rating for Wells Fargo on September 30, 2025, with the stock priced at $84.65. They also raised the price target from $94 to $98. Currently, WFC is priced at $80.94, with a slight increase of 0.54% today. The stock has fluctuated between $80.44 and $81.69 during the trading day.

Wells Fargo's market capitalization is approximately $259.27 billion, with a trading volume of 5,162,424 shares. Over the past year, the stock has seen a high of $86.66 and a low of $55.98. Despite past controversies, the company's stock performance remains strong, reflecting investor confidence in its future prospects.