Case Page

 

Case Status:    SETTLED
On or around 05/02/2017 (Other)

Filing Date: July 06, 2011

According to a press release dated July 7, 2011, the defendants violated Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including Rules 10b-5 and 14a-9. The lawsuit was brought on behalf of shareholders who either (1) held the defendant’s 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 the defendant’s common stock from July 31, 2006 through and including May 24, 2011.

The complaint alleges that during the Class Period, defendants falsely assured investors that the Company had effective internal controls and accounting systems, as required under the Foreign Corrupt Practices Act (“FCPA”). The company disclosed, in October 2008, that it had begun an investigation into possible FCPA violations in China in June 2008. The plaintiffs allege, however, that the Company had an illegal practice of paying bribes in violation of the FCPA, extending as far back as 2004 and which continued even after its October 2008 disclosure, until as recently as last year. Despite its certifications of the effectiveness of its internal controls, the company’s internal controls were severely deficient, allowing the company to engage in millions of dollars of improper payments in over a dozen countries throughout the Class Period.

On September 29, 2011, the Court issued an Order appointing lead plaintiffs and lead counsel.

On March 16, 2012, the plaintiffs filed an Amended Complaint For Violations Of The Federal Securities Laws.

On March 22, 2012, the Court issued an Order dismissing certain individual defendants from the action without prejudice.

On September 28, 2014, the Court issued an Order granting the Defendants' motion to dismiss. Plaintiffs were given until October 24 to file an amended complaint. The amended Complaint was filed on that date.

On July 22, 2015, the parties entered a Settlement Agreement. This Settlement was preliminarily approved by the Court on August 21. On August 24, 2016, the Court granted final approval of the Settlement and dismissed this action.

The August 24 Order was appealed on September 22, 2016. The Appeal was dismissed on May 2, 2017.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AVP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 11-CV-04665
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 07/06/2011
CLASS PERIOD START: 07/31/2006
CLASS PERIOD END: 05/24/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (Boston)
    One Liberty Square, Berman DeValerio (Boston), MA 02109
    617.542.8300 617.542.8300 ·
  2. Cohen Milstein Sellers & Toll PLLC (New York)
    88 Pine Street, 14th Floor, Cohen Milstein Sellers & Toll PLLC (New York), NY 10022
    212.838.7797 212.838.7797 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-04665
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 10/24/2014
CLASS PERIOD START: 07/31/2006
CLASS PERIOD END: 10/26/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (Boston)
    One Liberty Square, Berman DeValerio (Boston), MA 02109
    617.542.8300 617.542.8300 ·
  2. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
  3. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date