The Securities and Exchange Commission reportedly is weighing civil charges against two former Lucent ( LU) executives over their role in the company's revenue-recognition policies, some of which the company has conceded to be improper.

Nina Aversano, former head of North American sales, and William Plunkett, former senior vice president of sales, were served with notices that indicate securities regulators are considering civil litigation against them, the Wall Street Journal reported.

According to the story, details are being sought on Aversano's role in Lucent's dealings with distributors, while Plunkett's notice relates to a credit offered to a wireless customer. Lucent settled an SEC probe of its accounting in February without having to pay a fine.

Specifically, the SEC has served the former executives with Wells notices, which allow them to respond to the allegations and potentially avoid formal charges.

More from Stocks

Finding Stocks Right for You: Cramer's 'Mad Money' Recap (Friday 8/25/18)

Finding Stocks Right for You: Cramer's 'Mad Money' Recap (Friday 8/25/18)

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker