More specifically, the defendants—Wells Fargo & Company and its CEO and CFO—failed to disclose to investors that the bank "planned to, and did," improperly allocate government-backed PPP loans, and/or had in place inadequate controls to prevent misallocation, the suit says. As a result, the defendants opened Wells Fargo up to an increased litigation risk and regulatory scrutiny that may be followed by enforcement actions, the plaintiff claims. On April 19, the case continues, after at least one lawsuit was filed against Wells Fargo, reports emerged that the bank may have unfairly allocated loans under the PPP, in particular by prioritizing businesses in search of larger loan amounts while claiming to handle applications on a first-come, first-served basis. As the complaint tells it, Wells Fargo concealed from the public that it was essentially reshuffling and prioritizing PPP loan applications in a manner that would make the bank as much money as possible.