Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Friday, November 11, 2005
Wells Fargo had a class action lawsuit filed against the bank last Friday Nov 4, 2005. No news was issued by Wells Fargo and today Friday Nov 11, 2005 an after market press release crossed the wire at approximately 17.14 ET. issued by the lawyers commencing the class action lawsuit. (Milberg Weiss) class actions can be big. Wells Fargo may think its small. A vacuum of information from Wells Fargo increases shareholder risk unnecessarily. We all know some class actions run out of steam so why not acknowledge the filing publicly.