Franklin Resources, Inc. (NYSE: BEN)

This investigation is for anyone who acquired securities in Franklin Resources, Inc. (NYSE: BEN) prior to November 25, 2024.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company had in place sufficient internal controls to prevent the Company from engaging in illegal behavior when the Company lacked such controls.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. 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.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Franklin Resources, Inc. (NYSE: BEN) prior to November 25, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.