CASES
Avon Products, Inc.
Class Period: Jul 31, 2006 to May 24, 2011
Lead Plaintiff Deadline: Sep 6, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Avon Products, Inc. ("Avon"or the "Company") on behalf of all persons or entities who either (1) were Avon Products, Inc. ("Avon" or the "Company") shareholders as of the close of business on March 17, 2011, March 17, 2010, March 18, 2009, March 14, 2008, or March 15, 2007 and therefore eligible to vote proxies or (2) purchased or otherwise acquired shares of Avon's common stock from July 31, 2006 through and including May 24, 2011 (the "Class Period"). This case has been filed in the United States District Court of the Southern District of New York.
The complaint alleges that during the Class Period, Defendants falsely assured investors that the Company had effective internal controls and accounting systems, as required under the Foreign Corrupt Practices Act ("FCPA"), 15 U.S.C. sub-section 7Sdd-l, et seq. Allegedly, Avon disclosed, in October 2008, that it had begun an investigation into possible FCPA violations in China in June 2008. The complaint alleges that unbeknownst to investors, however, the Company had an illegal practice of paying bribes in violation of the FCPA, extending as far back as 2004 and which continued even after its October 2008 disclosure, until as recently as last year. Despite its certifications of the effectiveness of its internal controls, Avon's internal controls were severely deficient, allowing the Company to engage in millions of dollars of improper payments in over a dozen countries throughout the Class Period. Accordingly, as a result of Defendants' materially misleading statements and omissions, Plaintiff and other members of the Class have suffered significant damages.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.