Morgan Stanley, battling a $2.7 billion lawsuit by billionaire Ron Perelman and challenges to Chief Executive Philip Purcell’s leadership, may also face regulatory sanctions over lost e-mails.

Morgan Stanley said in a regulatory filing yesterday that it received a Wells notice from the Securities and Exchange Commission on January 14 warning that the SEC’s staff may recommend enforcement action for the firm’s failure to retain company e-mail.

The company said in the filing that it submitted a response to the agency, saying enforcement action isn’t justified, on February 10, and has submitted more letters since then.

In a March 23 ruling in Mr. Perelman’s suit against the no. 2 securities firm, Florida judge Elizabeth Maass wrote that Morgan Stanley has “desperately wanted to hide an active SEC inquiry into its e-mail retention practices.” The judge wrote that “an analysis requested by the SEC” showed that Morgan Stan ley had “overwritten” 10% of its e-mail backup tapes after January 2001.

In December 2002, the SEC faulted Morgan Stanley and four other securities firms for failing to preserve their emails, which in some case have contained evidence for regulators prosecuting securities fraud cases. Morgan Stanley paid $1.65 million to settle with the SEC at the time, and submitted to a cease-and-desist order from the agency compelling the firm to improve its e-mail retention practices.

Morgan Stanley said in its SEC filing yesterday that the agency’s enforcement staff may pursue civil action against the firm for violating that 2002 order.

A Morgan Stanley spokesman, Andrew Walton, declined to comment beyond the filing.

Morgan Stanley’s CEO, Mr. Purcell, 61, is under attack from former executives and investors who are demanding his ouster.