Wet Seal Probe
Executives at The Wet Seal Inc., Foothill Ranch, said they received a written notice from the U.S. Securities and Exchange Commission indicating it would take no action regarding an investigation over the company’s 2004 second quarter financial results. The SEC was investigating a transaction involving former Chairman Irving Teitelbaum, whose Montrealbased La Senza Corp. sold $15.4 million in Wet Seal stock in July 2004, a week before an eventual 85 percent drop in the company’s stock.
