Cosmetics maker Avon Products Inc. (NYSE: AVP) filed a notice with the Securities and Exchange Commission last night:
On September 11, 2012, Avon Products, Inc. (the “Company”) was advised by the staff of the Securities and Exchange Commission (the “SEC”), Division of Enforcement that the staff does not intend to recommend any enforcement action by the SEC against the Company in connection with the previously announced Regulation FD investigation.
At issue had been whether former Avon vice-chairman Chuck Cramb had shared material information with Citigroup Inc. (NYSE: C) when he disclosed a possible bribery investigation in Avon’s Chinese operations. Such a disclosure would violate the SEC’s Regulation FD.
Avon’s own internal investigation, begun in 2008, has led to several firings and employee departures.
The SEC’s decision lifted a dark cloud from the company’s prospects and shares rose sharply 3.5% yesterday to close above $16 for the first time in nearly a month. Avon’s shares jumped to their 52-week high last April, when longtime CEO Andrea Jung was replaced by current CEO Sheri McCoy.
Avon’s shares closed yesterday at $16.28 in a 52-week range of $14.45 to $23.94.
Paul Ausick
Sponsored: Want to Retire Early? Start Here
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
