Press release from Business Wire
Kendall Law Group Investigates Avon Products Inc. for Shareholders After Suspension of Executives
Wednesday, April 14, 2010
DALLAS (Business Wire) -- Kendall Law Group, a national securities litigation firm, is investigating Avon Products Inc. (NYSE: AVP) after they announced on Monday that four executives have been suspended in connection with a 2008 bribery investigation. The firm's investigation concerns whether the company may have been involved in bribery schemes in as many as a dozen other countries. Shareholders familiar with the investigation or who may have suffered a loss as a result are encouraged to contact Kendall Law Group by email at email@example.com or toll free 877-744-3728.
On April 12, 2010, Avon placed three of their China unit executives and a New York senior executive on administrative leave. On this news, Avon stock to drop 8 percent on Monday, from $34.76 to $31.99. The New York executive had been the chief of Avon's internal audit unit. According to Avon, the probe began in 2008 in China and has spread to other undisclosed countries. Avon's overseas market accounts for approximately 80% of its revenue including emerging markets in Latin America. Avon is being investigated by the United States Department of Justice and the Securities and Exchange for potential violations of the United State Foreign Corrupt Practices Act. Avon is said to be cooperating with those agencies and could face substantial fines and civil penalties as a result of any improper activities.
Kendall Law Group, founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has the experience and credentials to pursue any type of securities litigation in the nation. Kendall Law Group gives shareholders a voice when companies break the law. Protect your rights as an Avon shareholder by calling 877-744-3728.