NEW ORLEANS, July 15, 2011 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., notify investors that they may move to file lead plaintiff applications in a securities fraud class action lawsuit against Avon Products, Inc. ("Avon" or the "Company") (NYSE:AVP). The lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Avon of during the period between July 31, 2006 and May 24, 2011, inclusive (the "Class Period").
What You May Do
If you are an Avon shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by September 6, 2011. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF also encourages anyone with information regarding Avon's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About the Lawsuit
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that: (i) the Company engaged in the illegal practice of paying bribes to foreign officials in violation of the Foreign Corrupt Practices Act ("FCPA"); (ii) the Company's sales and revenue in China and other emerging markets were dependent on its illegal bribery practices and were, therefore, not sustainable; and (iii) that the Company's internal controls were severely deficient. As the truth about these illegal payments emerged, the price of Avon stock declined significantly and investors suffered material damages and losses.
To learn more about KSF, you may visit www.ksfcounsel.com.