SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Franklin Resources, Inc. (NYSE: BEN) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.
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Investigation Into Franklin Resources, Inc. (BEN):
The investigation focuses on Franklin’s controls over trading-related matters, including without limitation, those related to the marks of treasury derivatives and investment performance of its Western Asset Management Macro Opportunities fund strategy.
On July 26, 2024, Franklin revealed that “[f]ollowing the launch of an internal investigation focusing on certain past trade allocations of treasury derivatives in select Western Asset Management (‘WAM’) accounts, WAM received notification of parallel investigations by the SEC and U.S. Department of Justice.” This news drove the price of Franklin shares significantly lower.
Then, on August 21, 2024, Franklin disclosed that WAM placed co-Chief Investment Officer Ken Leech on leave “effective immediately” and that “[i]n light of Mr. Leech’s leave of absence, the Company has determined that closing its Macro Opportunities strategy (approximately $2.0 billion in AUM as of 7/31/2024) is in clients’ best interests.”
Franklin also revealed that Leech received a Wells Notice from the SEC. A Wells Notice is a formal notification that the SEC has concluded an investigation with charges likely to follow.
This news drove the price of Franklin shares over 12% lower on August 21, 2024.
“We are looking into whether Franklin may have misled investors about the firm’s Western Asset Management unit’s trade practices,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Franklin and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Franklin investigation, read more »
Whistleblowers: Persons with non-public information regarding Franklin should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BEN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
