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.
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In a regulatory filing, Clovis Oncology disclosed that on April 9, the staff of the Securities and Exchange Commission's Division of Enforcement issued "Wells notices" to the company and certain of its current and former officers stating that the Staff has made a preliminary determination to recommend that the SEC file civil enforcement action(s) against the company and such officers, alleging violations of certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 relating to the company's regulatory update announcement in November 2015 that the FDA requested additional clinical data on the efficacy and safety of rociletinib.
Oppenheimer also failed to timely disclose that its then Anti-Money-Laundering Compliance Officer and another employee had received Wells notices from the Securities and Exchange Commission.
"Some Wells notices lead to disciplinary actions, others do not," he stated.
On Monday, bond shop PIMCO said the Securities and Exchage Commission had sent it a Wells notice. It was looking into potential mispricing of non-agency mortgage-backed securities bought by PIMCO's Total Return Active ETF (BOND) in early 2012, after the fund first started trading.
According to Michael Herbst, director of manager research for fixed income strategies in North America for Morningstar, a Wells notice indicates that the SEC "is considering charges against a firm based on a specific set of events."
On December 9, 2011, Harbinger, Falcone and two of his lieutenants were served with Wells notices by the SEC.
So they have issued so-called "Wells notices," warning that the agency may bring civil securities charges against a potential defendant.
The company's former chief financial officer Robert Tieken and former accounting head Stephanie Bergeron also received Wells Notices.
The largest US tyre maker, which has a UK operation at Wolverhampton, said it received a so-called Wells Notice from the Securities and Exchange Commission, which indicates the SEC may accuse the company of wrongdoing and offers a chance to respond.
have all been served with so-called Wells notices, which charge that employees at these companies signed documents permitting Fleming to call payments income rather than deferred revenue.
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.