Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Avon Products, Inc. Who Purchased Stock P...
07 July 2010 - 11:30AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against Avon Products, Inc. (“Avon”
or the “Company”) (NYSE:AVP) concerning possible breaches of
fiduciary duty or other violations of law by the Company’s board of
directors. Avon manufactures and markets beauty and related
products including cosmetics, fragrances, skin care and personal
care products through direct selling and independent
representatives and distributorships.
The investigation concerns allegations of potential violations
of the Foreign Corrupt Practices Act (FCPA) by certain of the
Company’s employees. In October 2008, Avon disclosed an internal
investigation of its China operations, focusing on compliance with
the FCPA after the Company received an allegation that “certain
travel, entertainment and other expenses may have been improperly
incurred in connection with the Company’s China operations.” On
April 13, 2010, The Wall Street Journal reported that Avon
“suspended the president, chief financial officer and top
government affairs executive at its China unit,” and a fourth
employee who was a senior executive in New York. Subsequently, on
April 30, 2010, in connection with the release of the Company’s
first-quarter 2010 financial results, Avon disclosed that it had
incurred “significant professional fees associated with the
company’s internal investigation.”
If you purchased shares of Avon prior to October 2008 and still
hold shares, if you have information or would like to learn more
about these claims, or if you wish to discuss these matters or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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