Bear Stearns said that the Securities and Exchange Commission is considering a civil injunctive action against it stemming from investigations into mutual fund market timing and late trading, according to The Commission is also considering issuing a cease and desist order against the company and its Bear Stearns Securities Corp. unit.

According to a regulatory filing Monday, the company has been subpoenaed by a number of federal and state regulators, including the SEC, the U.S. Attorney's Office for the Southern District of New York, the Commodity Futures Trading Commission, the NASD, the NYSE, the New York Attorney General and the New Jersey Attorney General.

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