On Monday, Shares of Wells Fargo & Co (NYSE:WFC), added 0.65% and closed at $45.65 in the last trading session. The last trading range of the stock ranges between $45.44 and $45.92. The company’s Market capitalization is $231.09 Billion with the total Outstanding Shares of 5.05 Billion. During the 52-week trading session the minimum price at which share price traded, registered at $43.55 and reached to max level of $56.34. The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com, has opened an investigation into potential Financial Industry Regulatory Authority (FINRA) sales practice violations by Wells Fargo Advisors and its financial advisors for activities similar to those recently stated in The Charlotte Observer. According to reports, Wells Fargo (WFC) used aggressive “cross-selling” tactics with its bank clients in order to open investment accounts through its brokerage firm, Wells Fargo Advisors. According to a former bank branch manager, new account aims had minimum sales requirements across all product lines which “became a living nightmare” for their branch to meet.
According to K&T founder, Lawrence L. Klayman, “Our investigation focuses on whether Wells Fargo Advisors had bank customers steered to open investment accounts with the brokerage firm through high pressure sales tactics motivated by contests which paid incentives to the referring employees.” Mr. Klayman continues, “Wells Fargo touted the contributions of ‘cross-selling’ to the bank’s profitability in public pronouncements to shareholders. In the pursuit of profits, shareholder rights may have been violated resulting in unsuitable investment recommendations.” Mr. Klayman explains, “Wells Fargo Advisors and its parent Wells Fargo bank, may have failed to supervise the ‘cross-selling’ activities of their bank employees and financial advisors and should be held responsible.”
Comcast Corporation (NASDAQ:CMCSA), jumped 0.64% and closed at $65.78 in the last trading session. The last trading range of the stock ranges between $65.43 and $65.99. The company’s Market capitalization is $158.53 Billion with the total Outstanding Shares of 2.40 Billion. During the 52-week trading session the minimum price at which share price traded, registered at $52.34 and reached to max level of $38.36. To alleviate some of the burden from storm-related damages and assist residents and emergency personnel stay connected in the wake of Hurricane Matthew, Comcast is opening up thousands of XFINITY WiFi hot spots in areas influenced by the storm in Florida, Georgia and South Carolina. These WiFi hot spots are open to anyone who needs them – counting non-Comcast subscribers.
“Our thoughts are with those influenced by Hurricane Matthew. Communication after a devastating event like this is so important for residents, emergency workers and volunteers,” said Amy Smith, Regional Senior Vice President for Comcast in Florida. “We’re opening up our XFINITY WiFi hot spots to assist provide internet access, allowing people to stay connected to family and friends and handle important household and business tasks, counting processing insurance claims, and accessing other important information and resources.”