INVESTOR ALERT: Law Offices of Howard G. Smith Continues Investigation of Franklin Resources, Inc. (BEN) on Behalf of Investors
BENSALEM, Pa.--(BUSINESS WIRE)--Nov 27, 2024--
Law Offices of Howard G. Smith continues its investigation on behalf of Franklin Resources, Inc. (“Franklin” or the “Company”) (NYSE: BEN ) investors concerning the Company’s possible violations of federal securities laws.
On August 21, 2024, Franklin disclosed that the co-Chief Investment Officer, Stephen Kenneth Leech, of its subsidiary Western Asset Management Company (“Western Asset”) is on a leave of absence after recently receiving a Wells Notice from the U.S. Securities and Exchange Commission (“SEC”) in relation to an investigation into “certain past trade allocations involving treasury derivatives in select Western Asset-managed accounts.” Additionally, the Company stated that it “has determined that closing its Macro Opportunities strategy (approximately $2.0 billion in AUM as of [July 31, 2024]) is in clients’ best interests.”
On this news, Franklin’s stock price fell $2.84, or 12.6%, to close at $19.78 per share on August 21, 2024, thereby injuring investors.
Then, on November 25, 2024, the SEC announced charges against Leech for “[engaging] in a years-long fraudulent ‘cherry-picking’ scheme in which he disproportionately allocated better performing trades to certain favored portfolios, and worse performing trades to other portfolios.”
If you purchased Franklin securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
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