CASES
Wells Fargo Mortgage Backed Securities 2006- AR15 Trust
Lead Plaintiff Deadline: Oct 12, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Wells Fargo Mortgage Backed Securities 2006- AR15 Trust on behalf of all persons or entities who purchased or otherwise acquired mortgage pass-through certificates (the "Bonds") issued by the Wells Fargo Mortgage Backed Securities 2006 AR15 Trust (the "Trust") pursuant or traceable to Wells Fargo Asset Securities Corporation's September 20, 2006 Registration Statement, and the accompanying Prospectus and Prospectus Supplement, in the United States District Court for the Northern District of California.
The complaint alleges that The Trust's Registration Statement, Prospectus and Prospectus Supplement contained materially false and misleading statements regarding the underwriting standards and loan origination processes used in procuring the loans used to secure the Bonds. Specifically, the Registration Statement and related documents warranted, among other things, that the mortgages were made in conformity with applicable laws, and that the mortgages underlying the Bonds issued by the Trust were underwritten pursuant to specific guidelines established by Wells Fargo Bank, N.A., but that these standards were disregarded in the actual mortgage loan underwriting process, leading to inadequate collateral securing these bonds and a corresponding loss in value to these Bonds. The complaint further alleges that Deutsche Bank Securities, Inc. was the underwriter for the Trust's offering of Bonds, and failed to perform an adequate "due diligence" investigation prior to underwriting these Bonds.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.