Definition - What does Wells Submission mean?
A Wells submission is a response that a company gives to the Securities and Exchange Commission, which explains why it should not be investigated by them.
Wells submissions are typically made by companies that receive Wells notices, which are notices from the SEC that inform the company that it is likely to soon be under investigation, or may be facing legal actions.
Justipedia explains Wells Submission
Investigation by the Securities and Exchange Commission is a serous event. Such investigations can lead to fines, indictments and even lengthy trials that can result in jail time or other consequences. So, if a company can avoid such investigations or other legal actions by proving its innocence, or by dismantling the argument against it in a Wells submission, then it is often in its best interests to do so. However, if there is actually corruption at the company, then the Wells submission may fail.