San Diego, CA -- (SBWIRE) -- 02/08/2012 -- The Shareholders Foundation announces that the investigation for current long term investors in shares of Avon Products, Inc. (NYSE: AVP) over possible breaches of fiduciary duties by certain officers and directors continues.
Investors who currently hold shares of Avon Products, Inc. (NYSE:AVP) and purchased those NYSE APV some time ago, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Avon Products, Inc. (NYSE:AVP) concerning whether certain of its officers and directors, or others have possibly breached their fiduciary duties. Specifically, the investigation concerns whether certain statements regarding Avon Products’ business, its prospects and its operations were potentially materially false and misleading at the time they were made.
In October 2011 Avon Products reported its third quarter 2011 results. On the same day Avon Products also reported its quarterly report with the U.S. Securities and Exchange Commission. Among other things, Avon Products also disclosed that on October 26, 2011, Avon Products received a subpoena from the United States Securities and Exchange Commission (“SEC”) requesting documents and information in connection with a Regulation FD investigation of the Company's contacts and communications with certain financial analysts and other representatives of the financial community during 2010 and 2011. Avon Products said that it was also advised that a formal order of investigation was issued by the SEC relating to the FCPA matters and the Regulation FD matters that are referenced in the subpoena.
In December Avon Products said it would seek a new CEO to replace Andrea Jung, who would remain as chairman of the board of directors.
In December 2011, Avon Products, Inc. announced that in 2012 it will separate the roles of Chairman and Chief Executive Officer and that Avon's Chairman and CEO, will be named Executive Chairman upon a new CEO joining Avon Products, Inc..
Then on January 29, 2012 Avon Products announced that as of January 29, 2012, the Vice Chairman, Developed Market Group of Avon Products, Inc, who joined Avon as CFO in 2005 and stepped down in May 2011, is no longer with Avon Products.
NYSE:AVP stocks dropped from almost $29 in July to $18.97 on October 3, 2011, and from almost $24 on October 24, 2011 to $16.14on December 13, 2011.
Recently NYSE:AVP shares closed as slightly above $18.50 per share.
Those who purchased shares of Avon Products, Inc. (Public, NYSE:AVP), and / or those who have any information relating the investigation including those who are former employees or/and whistleblowers, may have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego