The law firm of Berman DeValerio announced today the filing of a class action accusing Avon Products, Inc. (NYSE: AVP) (“Avon,” or the “Company”) of proxy fraud and other violations of federal securities laws.
The lawsuit was brought on behalf of shareholders who either (1) held Avon stock at the close of business of March 17, 2011, March 17, 2010, March 18, 2009, March 14, 2008 or March 15, 2007 and were therefore eligible to vote proxies or (2) purchased or otherwise acquired Avon’s common stock from July 31, 2006 through and including May 24, 2011 (the “Class Period”).
The City of Brockton Retirement System (the “System”) filed the complaint July 6, 2011 against Avon and certain of the Company’s officers and directors in the United States District Court for the Southern District of New York (the “Court”). The case is filed as civil action no. 11-cv-4665.
Pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as lead plaintiff are required to file a motion for appointment with the Court no later than September 6, 2011.
The claims arise under Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (the “SEC”), including Rules 10b-5 and 14a-9.
The complaint charges defendants with misleading investors as to the size and scope of potential violations of the Foreign Corrupt Practices Act. The action seeks to recover losses for investors and relief regarding voting on annual proxy statements which are alleged to have been misleading.
If you are a member of the Class, you may, no later than September 6, 2011, request that the court appoint you as Lead Plaintiff for the class. You may contact the attorneys at Berman DeValerio to discuss your rights and interests in the case. Please note: you may also retain counsel of your choice and need not take any action at this time to be a class member.
Berman DeValerio is a national law firm representing plaintiffs in lawsuits against corporate wrongdoers, chiefly for violations of securities and antitrust laws. The firm has 37 lawyers in Boston, San Francisco and South Florida.