ITT said Jacobs may have violated SEC regulations.

The New York conglomerate said it has alerted the SEC to “possible improper accumulations” of its stock by Minneapolis financier Irwin L. Jacobs and others. Jacobs, who heads an investor group holding 4.5% of ITT’s common stock, said the SEC has requested information about the group’s purchases and intentions. Jacobs and the investor group have criticized ITT’s current divestiture program and have called for the company’s liquidation.