Zamansky LLC Investigates Avon Products Inc. Over Its Employee Personal Savings Account Plan For Possible ERISA Violations
27 November 2014 - 9:00AM
Business Wire
Zamansky LLC announces that it has commenced an investigation of
Avon Product Inc.’s (NYSE:AVP) employee personal savings account
plan (the “Plan”) for potential violations of the federal Employee
Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary
duties to prudently manage and invest plan assets. These duties
were allegedly violated by Avon Products’ continued offering of its
company stock during a pending federal investigation for violations
of the Foreign Corrupt Practices Act (“FCPA”).
Since 2010, Avon’s stock price has fallen from over $40 per
share to below $10 per year. Avon’s collapse in stock price relates
to the FCPA investigation by the U.S. Department of Justice and
Securities and Exchange Commission. The FCPA makes it illegal for
U.S.-companies operating in foreign countries to pay bribes or
kickbacks. Separate shareholder lawsuits have alleged that Avon
engaged in systemic FCPA violations, and misrepresented its
revenues from various foreign countries. One lawsuit also alleges
that Avon made numerous misrepresentations about the extent, reach
and costs of the investigations against the company.
According to employee stock and investment fraud attorney, Jake
Zamansky, Avon Products’ employees who purchased and held company
stock (AVP) through the Plan since 2010 have suffered substantial
losses to their retirement savings. The FCPA investigation and
shareholder lawsuits raise serious issues over the prudent
monitoring and oversight of the Plan under ERISA, he states. ERISA
is designed to protect employees’ retirement savings even when it
is invested in company stock, Zamansky states. Zamansky says that
we are investigating due to concerns over the collapse of Avon
Product’s stock price due to the FCPA investigation.
What Avon Products’ Employees Can Do
If you are an existing or former Avon Products’ employee who
purchased company stock (AVP), through the personal savings account
plan, please contact our firm for an evaluation of your rights. You
can contact Jake Zamansky by telephone at (212) 742-1414 or by
email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in
securities fraud, ERISA and employment class actions. We are
investment fraud attorneys who represent both individual and
institutional investors. Our practice is nationally recognized for
our ability to aggressively prosecute cases and recover investment
losses.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
Zamansky LLCJake Zamansky,
212-742-1414jake(at)zamansky(dot)com
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