Securities regulators from Missouri and Illinois are conducting a special inspection at Wachovia Corp.'s headquarters in St. Louis.
Apparently more than 70 formal complaints on auction rate securities have been filed with the Missouri Securities Division over the last four months, representing over $40 million of frozen investments, according to the
St. Louis Post-Dispatch.
Stocks dropped 10% after the announcement, but have recovered, and Wachovia is around $12.15 from $10.99 at market open.
- Maria Woehr
Continue reading below
