NEW YORK, NY / ACCESSWIRE / December 24, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Franklin Resources, INC. ("Franklin" or the "Company") (NYSE:BEN). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Franklin and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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 $2.84 per share, or 12.56%, to close at $19.78 per share on August 21, 2024.
Then, on November 25, 2024, the U.S. Securities and Exchange Commission issued a press release entitled "SEC Charges Ken Leech, Former Co-Chief Investment Officer of Western Asset Management Co., with Fraud." The press release stated that Leech had been charged with fraud "for engaging in a multi-year scheme to allocate favorable trades to certain portfolios, while allocating unfavorable trades to other portfolios, a practice known as cherry-picking."
On this news, Franklin's stock price fell $0.51 per share, or 2.24%, to close at $22.21 per share on November 26, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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