AVP Avon Products Inc

RADNOR, Pa., Aug. 5 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Avon Products, Inc. (NYSE:AVP) ("Avon" or the "Company") between February 1, 2005 and July 18, 2005, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Avon, Andrea Jung, Susan J. Kropf and Robert J. Corti with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: 1) that the Company knew that the hybrid direct selling/retail model could hurt its existing business in China, as kiosk owners, who paid substantial amounts for their businesses, resisted the introduction of commissioned representatives into their territory; (2) that the Company's sustained revenue growth in expanding markets, such as Russia and Central Europe, had slowed down dramatically due to increased competition; and 3) as such, defendants' positive statements regarding the Company's outlook were lacking in any reasonable basis when made. On July 19, 2005, Avon announced that its revenue for the second quarter 2005 was below expectations. On news of this, shares of Avon fell $5.30 per share, or 14.48 percent, on July 19, 2005, to close at $31.30 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than September 27, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Schiffrin & Barroway, LLP: Darren J. Check, Esq., or Richard A. Maniskas, Esq., +1-888-299-7706, +1-610-667-7706 or Web site: http://www.sbclasslaw.com/

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