BEN LEGAL UPDATE: Franklin Resources, Inc. investors who lost money are asked to contact BFA Law regarding the ongoing securities fraud investigation

Why did Franklin Resources share price fall?

Franklin Resources is a $1.7 trillion asset management company better known as Franklin Templeton. One of its key divisions is Western Asset Management (“WAM”), a fixed income manager.

On July 26, 2024, Franklin Resources announced that “following the initiation of an internal investigation focused on certain past trading allocations of treasury derivatives in select” WAM accounts, “WAM has received notification of parallel investigations by the SEC and the U.S. Department of Justice.”

Then, on August 21, 2024, Franklin Resources announced that WAM’s Co-Chief Investment Officer Ken Leech had been placed on leave “effective immediately” after “receiving a Wells notice from U.S. Securities and Exchange Commission personnel.” The company further stated: “[i]In light of Mr. Leech’s leave of absence, the Firm has concluded that closing its Macro Opportunities strategy (approximately $2.0 billion in assets under management as of 7/31/2024) is in the best interests of clients.” On the same day Bloomberg reported that federal prosecutors in the Southern District of New York State are investigating whether Leech assigned successful trades to preferred accounts, part of a criminal investigation into a practice known as “cherry-picking.”

The news caused a steep drop in Franklin Resources stock price. On July 26, 2024, the company’s stock price fell 2.4%, from a closing price of $23.64 per share on July 25, 2024, to $23.08 per share on July 26, 2024. Then, on August 21, 2024, Franklin Resources’ stock price fell 12.5%, from a closing price of $22.62 per share on August 20, 2024, to $19.78 per share on August 21, 2024.

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What can you do?

If you have invested in Franklin Resources, Inc., you may have legal options. We encourage you to provide your information to the Company. All representations are made on a contingency basis, with no costs to you. Shareholders are not responsible for court or litigation costs. The Company will seek court approval for any fees and costs.

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Franklin Resources shares at the time of publication of the news with an increase of +0.22 % up to 18.31EUR on the Tradegate stock exchange (September 4, 2024, 10:58 a.m.).