Request For Proposals To Serve As Lead Counsel

HONOLULU, March 18, 2021 /PRNewswire/ --

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

SAN FRANCISCO DIVISION

The above-captioned consolidated action (the "Wells Fargo Securities Class Action") alleges claims against Defendants Wells Fargo & Company ("Wells Fargo" or the "Company"), the Company's prior Interim Chief Executive Officer C. Allen Parker, the Company's prior Chief Executive Officer Timothy J. Sloan, and the Company's prior Chief Financial Officer John R. Shrewsberry (collectively, "Defendants") under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission, on behalf of a proposed class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the securities of Wells Fargo between October 13, 2017 and October 13, 2020, both dates inclusive (the "Proposed Class").

On March 15, 2021, the Honorable William H. Alsup, U.S.D.J. entered an Order: (1) consolidating two previously pending and related actions on behalf of Wells Fargo investors as the Wells Fargo Securities Class Action; (2) appointing Employees' Retirement System of the State of Hawaii (the "ERS") as Lead Plaintiff for the Proposed Class, with Elmira Tsang, Deputy Attorney General for the State of Hawaii, as the ERS's case manager; and (3) inviting applications for Lead Counsel of the Proposed Class.  A copy of the Court's Order may be obtained electronically through the Court's CM/ECF system, or by request from the Lead Plaintiff using the contact information below.

Any candidate wishing to be considered for selection as Lead Counsel for the Proposed Class must submit to the ERS a proposal, no later than April 22, 2021, that includes: (1) the candidate's track record in securities and class action litigations; (2) the particular lawyers to be assigned to the case; (3) the candidate's ability and willingness to finance the case; (4) the candidate's proposals for the prosecution of the case; (5) any issues or concerns the Court may have should the ERS seek the candidate's appointment as Lead Counsel, including but not limited to any fee-sharing agreements the candidate may have with third parties and the nature of any fee-sharing agreements; (6) whether the candidate has ever been subject to court sanctions under Federal Rule of Civil Procedure 11; (7) the candidate's fee proposal; and (8) completion of the following chart:

Any candidate wishing to apply to be considered for the role of Lead Counsel should submit its application by both mail and email, both to be received by the ERS no later than April 22, 2021, at:

Employees' Retirement System for the State of Hawaii
c/o Department of the Attorney General
425 Queen Street
Honolulu, Hawaii 96813

and

[email protected]

SOURCE Employees’ Retirement System of the State of Hawaii