Alliance Capital Management is among about 20 companies under investigation by the New York Stock Exchange for improperly identifying short-sale stock transactions, the asset manager said in its quarterly report to the Securities and Exchange Commission.

According to an Aug. 5 report from the Associated Press, the company's institutional trading and research unit, Sanford C. Bernstein, received a Wells notice from the NYSE. A Wells notice is typically a precursor to a civil suit from the Big Board.

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