Reported 21 days ago
Franklin Resources Inc. saw its shares drop by 7.7% following a report from the Commodity Futures Trading Commission regarding an investigation into Western Asset Management Co. The firm has experienced $53 billion in outflows since it was revealed that Co-Chief Investment Officer Ken Leech is under investigation for potentially favoring certain clients in trading practices. This news came as Franklin reported disappointing earnings, further alarming investors amid ongoing federal inquiries.
Source: YAHOO