Toronto-Dominion Bank is investigating whether some of its employees were involved in passing on rumours about a stock to clients, the bank confirmed on Wednesday.

Reports say that TD suspended four employees in its brokerage unit about nine weeks ago, after a client contacted the bank about an email from traders regarding a market rumour about a stock. Three of the employees work in sales and trading in TD Securities Inc.’s New York operations, and the fourth is based in Canada, according to the reports.

TD spokesperson Simone Philogène said the situation is under internal review. The bank also “self-reported to the appropriate regulatory authorities,” she said.

Added Philogène: “Like any firm, we take these things exceptionally seriously.”

According to reports, the Financial Industry Regulatory Authority, the main brokerage regulator in the United States, is investigating the matter.

IE