NEW YORK - (TMAO) Wells Fargo the second largest bank in the United States was brought down today on rumors that the company has disclosure issues. The bank has vigorously denied the claims.
Howard Atkins the former CFO of Wells has poured gasoline on the fire due to uncertainties surrounding his sudden retirement last month.
Chris Whalen a director of a research and consulting firm believes the bank has poor disclosure practices which he claims led to arguments inside the company and led to the resignation of Atkins. It is against securities regulations to make things up which leads to changes in a stocks market price.
Wells "owes us an explanation," said Whalen. However Whalen owes the SEC an explanation for his outburst.
Wells has said that they will file its form 10-K for 2010 on schedule and with all required Sarbanes-Oxley Act certification later this month.
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