Press release from Business Wire
Robbins Umeda LLP Announces Investigation of Avon Products Inc.
Tuesday, July 06, 2010
Robbins Umeda LLP Announces Investigation of Avon Products Inc.00:43 EDT Tuesday, July 06, 2010 SAN DIEGO (Business Wire) -- Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Avon Products Inc. ("Avon" or the "Company") (NYSE: AVP). Avon manufactures and markets beauty and related products worldwide. The Company markets its products through direct selling and independent representatives, as well as through distributorships. Avon was founded in 1886 and is headquartered in New York, New York. Robbins Umeda LLP's investigation concerns whether Avon's directors and officers breached their fiduciary duties in connection with the Company's potential violations of the Foreign Corrupt Practices Act ("FCPA"). Avon first announced that it was investigating possible violations of the FCPA in 2008. The Company recently announced that its expenses for its internal FCPA investigation have increased enough to impact results. In particular, Avon disclosed that it incurred "significant professional fees associated with the Company's internal investigation resulting from an allegation of FCPA violations in China." In April 2010, the Company suspended four employees pending its internal bribery investigation, and put three executives in China and another in New York on administrative leave. The investigation has now expanded to at least four international business units outside of China. If you are a shareholder of Avon, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org. Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com. Advertisement