RSA Security ( RSAS), already under investigation by the Securities and Exchange Commission, disclosed last week that commission staff were considering commencing a civil injunctive proceeding against the security software maker.

In its 10-Q filing last week, Bedford, Mass.-based RSA said that on or about July 11, SEC staff notified the company and some of its officers that agency staff were considering seeking permission from the commission to commence a civil injunctive proceeding against them. The company officers could submit a written statement explaining why no such proceeding should be commenced, and they intend to submit that statement, the filing said.

RSA did not explain what the civil injunctive proceeding might focus on, and company officials were not immediately reachable for comment. In January, the SEC notified RSA that it was conducting a formal investigation of trading in the company's stock and of the company's disclosure of a change in its method for estimating distributor revenue in the first quarter of 2001.

RSA did not inform investors of the latest development in its dealings with the SEC, when it announced its second-quarter results on July 24, noted Wedbush Morgan Securities analyst Tim Leehealey, who has a hold rating on RSA.

"It just makes you feel kind of shaky about a management that knows this going into their conference call" but waits to disclose it in the 10-Q, he said. Leehealey's firm hasn't done any banking with RSA.