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.
Short sales are a chief concern among regulators, because they could be used to artificially drive down a stock price, the AP report notes. Alliance Capital said it traced the error to a technical snafu that was fixed two years ago.
Alliance Capital also reported that the Bernstein unit received a separate Wells notice form the
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