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LOS ANGELES--(BUSINESS WIRE)--Nov 26, 2024--
The Law Offices of Frank R. Cruz continues its investigation of Franklin Resources, Inc. (“Franklin” or the “Company”) (NYSE: BEN ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
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.”
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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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20241126183735/en/
CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2024.
PUB: 11/26/2024 07:01 PM/DISC: 11/26/2024 07:02 PM
http://www.businesswire.com/news/home/20241126183735/en