SOURCE: Stull, Stull & Brody

November 14, 2005 19:52 ET

Stull, Stull & Brody Announces Class Action Against Wells Fargo & Company on Behalf of Purchasers of Certain Mutual Funds

NEW YORK, NY -- (MARKET WIRE) -- November 14, 2005 -- Notice is hereby given that a class action lawsuit was filed on November 4, 2005 in the United States District Court for the Northern District of California against Wells Fargo & Company (NYSE: WFC) and certain of its affiliates, on behalf of those who purchased from Wells Fargo Investments, LLC ("Wells Fargo Investments") or H.D. Vest Investment Services, LLC ("H.D. Vest") one or more of the Wells Fargo proprietary funds or non-proprietary funds participating in the Wells Fargo and H.D. Vest revenue sharing programs ("Wells Fargo Preferred Funds" and "H.D. Vest Preferred Funds," as defined below) during the period between June 30, 2000 and June 8, 2005, inclusive (the "Class Period").

If you purchased any of the Wells Fargo mutual funds, or Wells Fargo or H.D. Vest Preferred Funds, through a Wells Fargo Investments or H.D. Vest broker between June 30, 2000 and June 8, 2005, inclusive, and sustained damages, you may, no later than January 10, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

The Wells Fargo proprietary funds and their respective trading symbols are as follows:

Wells Fargo Advantage Agg Allocation Adm (NASDAQ: NWBEX)
Wells Fargo Advantage Asia Pacific (NASDAQ: SASPX)
Wells Fargo Advantage Asset Alloc Adm (NASDAQ: WFAIX)
Wells Fargo Advantage Asset Allocation (NASDAQ: SFAAX) (NASDAQ: SASBX)
(NASDAQ: WFALX)
Wells Fargo Advantage Balanced Inv (NASDAQ: STAAX)
Wells Fargo Advantage C&B Lrg Cap Val (NASDAQ: CBEAX) (NASDAQ: CBLLX)
(NASDAQ: CBEBX) (NASDAQ: CBECX) (NASDAQ: CBEQX) (NASDAQ: CBLSX)
Wells Fargo Advantage C&B Mid Cap Val (NASDAQ: CBMAX) (NASDAQ: CBMIX)
(NASDAQ: CBMBX) (NASDAQ: CBMCX) (NASDAQ: CBMDX) (NASDAQ: CBMSX)
Wells Fargo Advantage C&B Tax Mgd Val (NASDAQ: CBTTX) (NASDAQ: CBTIX)
(NASDAQ: CBTBX) (NASDAQ: CBTCX) (NASDAQ: CBTAX)
Wells Fargo Advantage CA Ltd-Term T/F (NASDAQ: SFCIX) (NASDAQ: SCTIX)
(NASDAQ: SFCCX)
Wells Fargo Advantage CA Tax-Free (NASDAQ: SCTAX) (NASDAQ: SGCAX)
(NASDAQ: SGCBX) (NASDAQ: SCTCX)
Wells Fargo Advantage Capital Growth (NASDAQ: WFCDX) (NASDAQ: WWCIX)
(NASDAQ: SLGIX)
Wells Fargo Advantage CO Tax-Free (NASDAQ: NWCOX) (NASDAQ: NCOTX)
(NASDAQ: NWCBX)
Wells Fargo Advantage Common Stock (NASDAQ: SCSAX) (NASDAQ: SCSKX)
(NASDAQ: STSAX) (NASDAQ: STCSX)
Wells Fargo Advantage Cons Allocation Ad (NASDAQ: NVCBX)
Wells Fargo Advantage Corporate Bond (NASDAQ: SCBDX) (NASDAQ: SCBNX)
(NASDAQ: STCBX)
Wells Fargo Advantage Discovery (NASDAQ: WFDDX) (NASDAQ: STDIX)
Wells Fargo Advantage Divers Bond Adm (NASDAQ: NVMFX)
Wells Fargo Advantage Diversified Eq (NASDAQ: NVDAX) (NASDAQ: NVDEX)
(NASDAQ: NVDBX) (NASDAQ: WFDEX)
Wells Fargo Advantage Diversified Sm Adm (NASDAQ: NVDSX)
Wells Fargo Advantage Dividend Income (NASDAQ: WWIDX) (NASDAQ: SDVIX)
Wells Fargo Advantage Emerg Mkt Focus (NASDAQ: MFFAX) (NASDAQ: MNEFX)
(NASDAQ: MFFBX) (NASDAQ: MFFCX)
Wells Fargo Advantage Endeavor Lrg Cap (NASDAQ: STALX) (NASDAQ: WELBX)
(NASDAQ: WELCX)
Wells Fargo Advantage Endeavor Select (NASDAQ: STAEX) (NASDAQ: WECDX)
(NASDAQ: WECBX) (NASDAQ: WECCX) (NASDAQ: WFCIX)
Wells Fargo Advantage Enterprise (NASDAQ: SEPKX) (NASDAQ: SENAX)
(NASDAQ: WFEIX) (NASDAQ: SENTX)
Wells Fargo Advantage Equity Income (NASDAQ: NVAEX) (NASDAQ: NVIEX)
(NASDAQ: NVBEX) (NASDAQ: WFEEX)
Wells Fargo Advantage Equity Index (NASDAQ: SFCSX) (NASDAQ: SQIBX)
Wells Fargo Advantage Equity Value (NASDAQ: WLVAX) (NASDAQ: WLVIX)
(NASDAQ: WLVBX) (NASDAQ: WLVCX)
Wells Fargo Advantage Government Sec (NASDAQ: SGVDX) (NASDAQ: WGSCX)
(NASDAQ: SGVIX) (NASDAQ: STVSX) (NASDAQ: WGSDX)
Wells Fargo Advantage Growth (NASDAQ: SGRKX) (NASDAQ: SGRAX)
(NASDAQ: WGFCX) (NASDAQ: SGRNX) (NASDAQ: SGROX)
Wells Fargo Advantage Growth and Inc (NASDAQ: SGIKX) (NASDAQ: SGNAX)
(NASDAQ: SGNIX) (NASDAQ: SGRIX)
Wells Fargo Advantage Growth Balanced (NASDAQ: WFGBX) (NASDAQ: NVGBX)
(NASDAQ: NVGRX) (NASDAQ: WFGWX)
Wells Fargo Advantage Growth Equity (NASDAQ: NVEAX) (NASDAQ: NVGEX)
(NASDAQ: NVEBX) (NASDAQ: WFGGX) (NASDAQ: WGEIX)
Wells Fargo Advantage High Income (NASDAQ: SHBAX) (NASDAQ: SHYYX)
(NASDAQ: STHYX)
Wells Fargo Advantage High Yield Bond (NASDAQ: HYBAX) (NASDAQ: HYBBX)
(NASDAQ: HYBCX)
Wells Fargo Advantage Income Plus (NASDAQ: STYAX) (NASDAQ: STYBX)
(NASDAQ: WFIPX)
Wells Fargo Advantage Index (NASDAQ: NVINX) (NASDAQ: WFVEX)
Wells Fargo Advantage Infl Prot Bond (NASDAQ: IPBAX) (NASDAQ: IPBIX)
(NASDAQ: IPBBX) (NASDAQ: IPBCX)
Wells Fargo Advantage Inst Emerg Mkt (NASDAQ: MIEMX)
Wells Fargo Advantage Interm Govt Inc (NASDAQ: NVGAX) (NASDAQ: NVGIX)
(NASDAQ: NVBGX) (NASDAQ: WFGCX)
Wells Fargo Advantage Interm T/F Bd Inv (NASDAQ: SIMBX)
Wells Fargo Advantage International Eq (NASDAQ: SILAX) (NASDAQ: SILBX)
(NASDAQ: WFECX) (NASDAQ: WFIEX)
Wells Fargo Advantage Intl Core (NASDAQ: WFIAX) (NASDAQ: WFIDX)
(NASDAQ: WFIBX) (NASDAQ: WFICX)
Wells Fargo Advantage Intl Value (NASDAQ: WFFAX) (NASDAQ: WFVDX)
(NASDAQ: WFVBX) (NASDAQ: WFVCX)
Wells Fargo Advantage Large Cap Appr (NASDAQ: WFAPX) (NASDAQ: WFAKX)
(NASDAQ: WFABX) (NASDAQ: WFACX)
Wells Fargo Advantage Large Co Growth (NASDAQ: STRFX) (NASDAQ: NVLAX)
(NASDAQ: NVLCX) (NASDAQ: NVLOX) (NASDAQ: WFLCX) (NASDAQ: WLCSX)
(NASDAQ: WFLZX)
Wells Fargo Advantage LifeStage (NASDAQ: SAGGX) (NASDAQ: SCONX)
(NASDAQ: SMDPX)
Wells Fargo Advantage Lrg Co Core (NASDAQ: SLGAX) (NASDAQ: SLCKX)
(NASDAQ: WLCBX) (NASDAQ: WLCCX) (NASDAQ: WLCZX)
Wells Fargo Advantage Mid Cap Discpl (NASDAQ: SMCDX) (NASDAQ: WFMDX)
(NASDAQ: WFMIX)
Wells Fargo Advantage Mid Cap Growth (NASDAQ: WFMCX) (NASDAQ: WFMBX)
(NASDAQ: WFMHX) (NASDAQ: WFMZX)
Wells Fargo Advantage MN Tax-Free (NASDAQ: NMTFX) (NASDAQ: NWMIX)
(NASDAQ: NWMBX) (NASDAQ: WMTCX) (NASDAQ: WMTZX)
Wells Fargo Advantage Mod Balanced (NASDAQ: WFMAX) (NASDAQ: NVMBX)
(NASDAQ: WMOBX) (NASDAQ: WFBCX)
Wells Fargo Advantage Municipal Bond (NASDAQ: WMFAX) (NASDAQ: WMFDX)
(NASDAQ: WMFBX) (NASDAQ: WMFCX) (NASDAQ: SXFIX)
Wells Fargo Advantage Natl Ltd-Tm T/F (NASDAQ: WNLAX) (NASDAQ: NVLIX)
(NASDAQ: WNLBX) (NASDAQ: WNLCX)
Wells Fargo Advantage Natl Tax-Free (NASDAQ: NWTFX) (NASDAQ: NTFTX)
(NASDAQ: NWTBX) (NASDAQ: WFNTX)
Wells Fargo Advantage NE Tax-Free Bd Adm (NASDAQ: GPTFX)
Wells Fargo Advantage Opportunity (NASDAQ: WOFDX) (NASDAQ: SOPVX)
(NASDAQ: SOPFX)
Wells Fargo Advantage Outlook 2010 (NASDAQ: STNRX) (NASDAQ: WFLGX)
(NASDAQ: SPTBX) (NASDAQ: WFOCX) (NASDAQ: WFOAX)
Wells Fargo Advantage Outlook 2020 (NASDAQ: STTRX) (NASDAQ: WFLPX)
(NASDAQ: STPBX) (NASDAQ: WFLAX) (NASDAQ: WFOBX)
Wells Fargo Advantage Outlook 2030 (NASDAQ: STHRX) (NASDAQ: WFLIX)
(NASDAQ: SGPBX) (NASDAQ: WFDMX) (NASDAQ: WFOOX)
Wells Fargo Advantage Outlook 2040 (NASDAQ: STFRX) (NASDAQ: WFLWX)
(NASDAQ: SLPBX) (NASDAQ: WFOFX) (NASDAQ: WFOSX)
Wells Fargo Advantage Outlook Today (NASDAQ: STWRX) (NASDAQ: WFLOX)
(NASDAQ: WFOKX) (NASDAQ: WFODX) (NASDAQ: WOTDX)
Wells Fargo Advantage Overseas (NASDAQ: WFIIX) (NASDAQ: SOVRX)
Wells Fargo Advantage S/T Hi-Yld Bd (NASDAQ: SSTHX) (NASDAQ: STHBX)
Wells Fargo Advantage S/T Muni Bd (NASDAQ: WSSCX) (NASDAQ: STSMX)
Wells Fargo Advantage Sh Dur Govt Bd (NASDAQ: MSDAX) (NASDAQ: MNSGX)
(NASDAQ: MSDBX) (NASDAQ: MSDCX) (NASDAQ: WSGIX)
Wells Fargo Advantage Short-Term Bd (NASDAQ: SSTVX) (NASDAQ: SSHIX)
(NASDAQ: SSTBX)
Wells Fargo Advantage Sm Cap Discpl (NASDAQ: WFSDX) (NASDAQ: WFSSX)
(NASDAQ: SCOVX)
Wells Fargo Advantage Sm Cap Gr (NASDAQ: WFSIX) (NASDAQ: WFSZX)
Wells Fargo Advantage Sm/Mid Cap Val (NASDAQ: WWMDX) (NASDAQ: SMMVX)
Wells Fargo Advantage Small Cap Gr (NASDAQ: MNSCX) (NASDAQ: WMNIX)
(NASDAQ: WMNBX) (NASDAQ: WMNCX)
Wells Fargo Advantage Small Cap Opp (NASDAQ: NVSOX)
Wells Fargo Advantage Small Cap Value (NASDAQ: SMVAX) (NASDAQ: SMVBX)
(NASDAQ: SMVCX) (NASDAQ: SSMVX)
Wells Fargo Advantage Small Co Growth (NASDAQ: WFSAX) (NASDAQ: NVSCX)
(NASDAQ: WFSBX) (NASDAQ: WSMCX)
Wells Fargo Advantage Small Co Value (NASDAQ: SCVAX) (NASDAQ: SCVIX)
(NASDAQ: SCVBX) (NASDAQ: SCVFX)
Wells Fargo Advantage Spec Fin Serv (NASDAQ: SIFEX) (NASDAQ: SIFBX)
(NASDAQ: SIFCX)
Wells Fargo Advantage Spec Health Sci  (NASDAQ: WFHAX) (NASDAQ: WFHBX)
(NASDAQ: WFHCX)
Wells Fargo Advantage Specialized Tech (NASDAQ: WFSTX) (NASDAQ: WFTBX)
(NASDAQ: WFTCX) (NASDAQ: WFTZX)
Wells Fargo Advantage Stable Income  (NASDAQ: NVSAX) (NASDAQ: NVSIX)
(NASDAQ: NVSBX) (NASDAQ: WSICX)
Wells Fargo Advantage Strategic Income (NASDAQ: SASAX) (NASDAQ: SASIX)
(NASDAQ: SASCX)
Wells Fargo Advantage Total Ret Bond  (NASDAQ: MBFAX) (NASDAQ: MNTRX)
(NASDAQ: MBFBX) (NASDAQ: MBFCX) (NASDAQ: MBFIX) (NASDAQ: WTRZX)
Wells Fargo Advantage U.S. Value (NASDAQ: WFUAX) (NASDAQ: SEQKX)
(NASDAQ: WFUBX) (NASDAQ: WFUCX) (NASDAQ: SEQIX)
Wells Fargo Advantage U/S Duration Bd (NASDAQ: STSDX) (NASDAQ: SSDKX)
(NASDAQ: SSHCX) (NASDAQ: STGBX)
Wells Fargo Advantage Ult S/T Mun In (NASDAQ: SMUAX) (NASDAQ: SMAVX)
(NASDAQ: SMAIX)
Wells Fargo Advantage Ultra S/T Inc (NASDAQ: WUSDX) (NASDAQ: SADAX)
(NASDAQ: SADIX) (NASDAQ: STADX)
Wells Fargo Advantage WB Cons Allocation (NASDAQ: WBCAX)
Wells Fargo Advantage WB Equity (NASDAQ: WBGIX)
Wells Fargo Advantage WB Grow Allocation (NASDAQ: WBGGX)
Wells Fargo Advantage WB Growth Balanced (NASDAQ: WBGBX)
Wells Fargo Advantage WB Mod Balanced (NASDAQ: WBBBX)
Wells Fargo Advantage WB Tactical Equity (NASDAQ: WBGAX)
Wells Fargo Advantage WI Tax-Free (NASDAQ: WWTCX) (NASDAQ: SWFRX)
The Wells Fargo Preferred Funds include mutual funds in the following mutual fund families: Franklin Templeton Investments, Putnam Investments, MFS Investment Management, Fidelity Investments, Evergreen Investments, Alliance Bernstein Investment Research and Management, Van Kampen Investments, AIM Distributors, Inc., Oppenheimer Funds, Inc., Eaton Vance Managed Investments, ING Funds Distributors, LLC, Allianz Global Investors Distributors , LLC, Federated, The Hartford Mutual Funds, Dreyfus Service Corporation, Delaware Investments, Pioneer Investment Management, Inc., Scudder Investments, and Wells Fargo Mutual Funds.

The H.D. Vest Preferred Funds include mutual funds in the following mutual fund families: Oppenheimer Funds, Putnam Investments, Scudder Investments, MFS Investment Management, Van Kampen Investments, Lincoln Financial Distributors, AIM Investments, Phoenix Investment Partners, John Hancock Funds, Wells Fargo Funds, American Funds, and Franklin Templeton Investments.

The action is pending in the United States District Court for the Northern District of California against defendant Wells Fargo & Company and certain of its affiliated entities. The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push Wells Fargo Investments and H.D. Vest sales personnel to steer clients into purchasing certain Wells Fargo Funds and Wells Fargo and H.D. Vest Preferred Funds (collectively, "Shelf Space Funds") that provided financial incentives and rewards to Wells Fargo and H.D. Vest and their personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. Wells Fargo Investments and H.D. Vest's failure to disclose the incentives constituted violations of federal securities laws.

The action also includes a subclass of persons who held any shares of Wells Fargo Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of Wells Fargo, Wells Fargo Funds Management, created further undisclosed material conflicts of interest by entering into revenue sharing agreements with brokers at Wells Fargo Investments and H.D. Vest to push investors into Wells Fargo Funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.

The action includes a second subclass of persons who purchased a Wells Fargo Financial Plan that held Wells Fargo Funds. The Wells Fargo Financial Plans include, but are not limited to Full Service Brokerage Accounts, Wells Asset Management accounts, WellsChoice account, and WellsSelect account.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

  • Tzivia Brody
    Stull, Stull & Brody
    1-800-337-4983
    Email Contact
    Fax: 212/490-2022