Fund research provider Morningstar Inc. said it is under investigation by the Securities and Exchange Commission related to incorrect total return data that Morningstar published earlier this year for a single mutual fund.
Morningstar disclosed Friday that it received a "Wells Notice" in late May from the SEC enforcement division indicating that the commission was considering civil action against the company for violating U.S. securities laws. The notice gives the company the chance to present facts and arguments against the initiation of a civil action.
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