The Missouri regulators suspended the securities activity of Waddell & Reed Financial Inc. and are eager to probe up to 350 its questionable transactions, the company said Tuesday.

The hearing for the case is scheduled for April 7, Overland Park, Kansas-based Waddell & Reed said in a statement. "This action is especially disheartening given the fact that we cooperated fully with the division’s requests for information in 2004 related to these transactions. And never again heard from the division before it took this drastic action," it added.

The company failed to vacate the order and now is facing hundreds of complaints from its Missouri clients.

Mary Hosmer, Missouri’s assistant securities commissioner, said the seriousness od charges may me proved by the number of people involved, the nature of the complaints and the amount of money.