Press release from Business Wire
Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Avon Products, Inc. Who Purchased Stock Prior to October 2008 and Still Hold Shares
Tuesday, July 06, 2010
Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Avon Products, Inc. Who Purchased Stock Prior to October 2008 and Still Hold Shares21:30 EDT Tuesday, July 06, 2010 BENSALEM, Pa. (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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.