Franklin Resources, Inc. (BEN) Investigation: Bronstein, Gewirtz and Grossman, LLC Encourages Shareholders to Seek Compensation for Alleged Wrongdoings
Bronstein, Gewirtz & Grossman, is investigating potential claims against Franklin Resources, Inc. (NYSE: BEN) on behalf of shareholders. The investigation follows news that Franklin subsidiary Western Asset Management Company's co-Chief Investment Officer Ken Leech received a Wells Notice from the SEC and is on immediate leave of absence. Additionally, federal prosecutors are reportedly investigating possible 'cherry-picking' practices at Western Asset Management.
Following this news, Franklin's stock price fell $2.84 per share (12.56%) to close at $19.78 on August 21, 2024. Investors who purchased Franklin securities are encouraged to participate in the investigation. The law firm is offering its services on a contingency fee basis, seeking reimbursement for expenses and attorney fees only if successful.
Bronstein, Gewirtz & Grossman sta indagando su potenziali richieste contro Franklin Resources, Inc. (NYSE: BEN) per conto degli azionisti. L'indagine è nata a seguito della notizia che il co-Chief Investment Officer della filiale di Franklin, Western Asset Management Company, Ken Leech, ha ricevuto un Wells Notice dalla SEC ed è in immediato congedo. Inoltre, i pubblici ministeri federali stanno probabilmente indagando su possibili pratiche di 'cherry-picking' presso Western Asset Management.
In seguito a questa notizia, il prezzo delle azioni di Franklin è diminuito di $2.84 per azione (12.56%), chiudendo a $19.78 il 21 agosto 2024. Gli investitori che hanno acquistato titoli Franklin sono incoraggiati a partecipare all'indagine. Lo studio legale offre i suoi servizi su base di pagamento a successo, cercando il rimborso delle spese e degli onorari solo se avranno successo.
Bronstein, Gewirtz & Grossman está investigando reclamaciones potenciales contra Franklin Resources, Inc. (NYSE: BEN) en nombre de los accionistas. La investigación sigue a las noticias de que el co-Chief Investment Officer de la subsidiaria de Franklin, Western Asset Management Company, Ken Leech, recibió un Wells Notice de la SEC y está de licencia de ausencia inmediata. Además, los fiscales federales aparentemente están investigando prácticas de 'cherry-picking' en Western Asset Management.
Tras estas noticias, el precio de las acciones de Franklin cayó $2.84 por acción (12.56%) cerrando a $19.78 el 21 de agosto de 2024. Se alienta a los inversores que compraron valores de Franklin a participar en la investigación. La firma de abogados ofrece sus servicios sobre una base de tarifa de contingencia, buscando el reembolso de gastos y honorarios solo si tienen éxito.
Bronstein, Gewirtz & Grossman은 주주를 대신하여 Franklin Resources, Inc. (NYSE: BEN)에 대한 법적 주장을 조사하고 있습니다. 이 조사는 Franklin의 자회사인 Western Asset Management Company의 공동 투자 최고 책임자인 Ken Leech가 SEC로부터 Wells Notice를 받았고 즉각적인 휴가를 받고 있다는 소식에 따른 것입니다. 또한 연방 검사들은 Western Asset Management에서 발생할 가능성이 있는 '체리 피킹' 관행을 조사하고 있다고 알려져 있습니다.
이 소식이 전해진 후, Franklin의 주가는 주당 $2.84 하락(12.56%)하여 2024년 8월 21일 $19.78로 마감했습니다. Franklin 증권을 구매한 투자자들은 조사를 참여하도록 권장됩니다. 이 법률 사무소는 성공한 경우에만 비용과 변호사 수수료를 환불받기 위해 수수료 기반의 서비스를 제공합니다.
Bronstein, Gewirtz & Grossman enquête sur d’éventuelles réclamations contre Franklin Resources, Inc. (NYSE: BEN) au nom des actionnaires. L’enquête fait suite à l’annonce que Ken Leech, co-directeur des investissements de la filiale Franklin, Western Asset Management Company, a reçu un Wells Notice de la SEC et est en congé immédiat. De plus, des procureurs fédéraux enquêteraient apparemment sur de possibles pratiques de 'cherry-picking' au sein de Western Asset Management.
Suite à cette nouvelle, le prix de l’action de Franklin a chuté de 2,84 $ par action (12,56%) pour clôturer à 19,78 $ le 21 août 2024. Les investisseurs ayant acheté des titres Franklin sont encouragés à participer à l’enquête. Le cabinet d'avocats propose ses services sur la base d'honoraires de résultat, cherchant à être remboursé des frais et des honoraires d'avocat uniquement en cas de succès.
Bronstein, Gewirtz & Grossman untersucht mögliche Ansprüche gegen Franklin Resources, Inc. (NYSE: BEN) im Namen der Aktionäre. Die Untersuchung folgt auf die Nachricht, dass Ken Leech, der Co-Chief Investment Officer des Tochterunternehmens Franklin, Western Asset Management Company, eine Wells Notice von der SEC erhalten hat und sich in sofortiger Abwesenheit befindet. Darüber hinaus ermitteln Bundesanwälte Berichten zufolge wegen möglicher 'Cherry-Picking'-Praktiken bei Western Asset Management.
Nach dieser Nachricht fiel der Aktienkurs von Franklin um $2,84 pro Aktie (12,56%) und schloss am 21. August 2024 bei $19,78. Investoren, die Franklin-Wertpapiere erworben haben, werden ermutigt, an der Untersuchung teilzunehmen. Die Kanzlei bietet ihre Dienste auf Erfolgsbasis an und strebt eine Rückerstattung von Ausgaben und Anwaltsgebühren nur im Erfolgsfall an.
- None.
- Co-Chief Investment Officer of subsidiary received Wells Notice from SEC
- Federal criminal probe into possible 'cherry-picking' practices
- Stock price fell 12.56% following the news
- Potential legal claims against the company
Insights
The investigation into Franklin Resources and its subsidiary Western Asset Management is a significant development that could have serious implications for the company. The Wells Notice received by co-CIO Ken Leech indicates that the SEC is considering enforcement action, which is always a red flag for investors. The alleged "cherry-picking" practice, if proven true, could lead to substantial fines and reputational damage.
From a legal standpoint, the criminal probe by federal prosecutors adds another layer of complexity and potential consequences. Such investigations often result in hefty penalties and can lead to structural changes within the company. The immediate stock price drop of
The news of the investigation into Franklin Resources (BEN) and its subsidiary Western Asset Management raises serious concerns about the company's risk management and ethical practices. The immediate market reaction, with a stock price decline of
From a financial perspective, the company may face significant costs related to legal defense, potential fines and settlements. Moreover, the allegations could lead to client withdrawals and difficulty in attracting new assets under management, directly impacting Franklin's revenue streams. The leave of absence of a key executive like the co-CIO could also disrupt investment strategies and decision-making processes. Investors should be prepared for potential volatility and reassess their position based on their risk tolerance and the unfolding of events in this investigation.
NEW YORK CITY, NY / ACCESSWIRE / August 23, 2024 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Franklin Resources, Inc. ("Franklin" or "the Company") (NYSE:BEN). Investors who purchased Franklin securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/BEN.
Investigation Details
On August 21, 2024, Franklin subsidiary Western Asset Management Company issued a press release announcing that co-Chief Investment Officer Ken Leech "is on a leave of absence, effective immediately" after "receiv[ing] a Wells Notice from the Staff of the U.S. Securities and Exchange Commission". That same day, Bloomberg reported that "[f]ederal prosecutors in New York are investigating whether a Western Asset Management executive allocated winning trades to favored accounts, as part of a criminal probe into a practice known as ‘cherry-picking.'"
On this news, Franklin's stock price fell
What's Next?
If you are aware of any facts relating to this investigation or purchased Franklin securities, you can assist this investigation by visiting the firm's site: bgandg.com/BEN . You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz and Grossman, LLC
View the original press release on accesswire.com
FAQ
What caused Franklin Resources (BEN) stock to drop 12.56% on August 21, 2024?
What is the investigation into Franklin Resources (BEN) about?
Who is conducting the investigation into Franklin Resources (BEN)?
What is a Wells Notice in relation to the Franklin Resources (BEN) investigation?
