Wells Notice

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Wells Notice

Written documentation of a coming enforcement action from the Securities and Exchange Commission to the respondent. While a Wells notice is not legally required, it has been standard practice since the 1970s.
References in periodicals archive ?
On December 9, 2011, Harbinger, Falcone and two of his lieutenants were served with Wells notices by the SEC.
The settlement finalized today involves Diebold, Incorporated, and does not include as parties any of the company's former chief financial officers or former employees who previously received individual Wells notices from the SEC in March 2009.
The company's former chief financial officer Robert Tieken and former accounting head Stephanie Bergeron also received Wells Notices.
Citigroup president Robert Willumstad said in a memo released Friday by Citigroup that the three had received Wells notices, in which the SEC gives warning that civil enforcement charges may be coming.
According to the same reports, the SEC has reportedly sent Falcone and two of his lieutenants Wells Notices, and both the SEC and the U.
9 that Harbinger Capital Partners, the major financier of LightSquared and its GPS-jamming mobile satellite network, had disclosed that Philip Falcone and two other HCP board members received so-called Wells notices from the Securities and Exchange Commission.
Wojnowski and other current or former employees have received Wells Notices from FINRA, but though that is unfortunate, it has nothing to do with their debt to us.
The Wall Street Journal reported that the Securities and Exchange Commission sent so-called Wells Notices to Merrill saying possible charges against it and several employees would focus on whether they adequately disclosed the risks of Orange County investments.
Individuals at Goldman were promptly informed of the receipt of the Wells Notices by the outside counsel for both employees, but they subsequently failed to notify the Goldman compliance unit charged with updating Forms U4.
To the company's knowledge, the Wells notices relate to items addressed in the company's previously filed restated financial statements.
The Wells Notices stemmed from an informal inquiry commenced by the SEC with respect to the disclosure of the dismissal, which informal inquiry was previously disclosed by Mannatech in its Form 10-K for the year ended December 31, 2007, which was filed with the SEC on March 17, 2008.
The SEC investigation and Wells Notices focused on matters during the period 2003 to 2004 when the Company was under different management and prior to the Company's emergence from bankruptcy.