Franklin Resources, Inc. (BEN)

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.

The investigation concerns whether Franklin has violated federal securities laws.

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 $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.

What’s Next?

If you are aware of any facts relating to this investigation or purchased Franklin securities, you can assist this investigation. 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 | [email protected]