Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Avon Products, Inc.
August 01 2005 - 2:32PM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Avon Products, Inc. HARTFORD, Conn., Aug. 1 /PRNewswire/ -- The law
firm of Schatz & Nobel, P.C., which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
New York on behalf of all persons who purchased the common stock of
Avon Products, Inc. (NYSE:AVP) ("Avon") between April 8, 2005 and
July 18, 2005, inclusive (the "Class Period"). Schatz & Nobel,
P.C. also has substantial experience representing employees who
suffered losses from purchases of their employer's stock in their
401 (k) plans. If you bought Avon stock through your Avon
retirement account and have information or would like to learn more
about these claims, please contact us. The Complaint alleges that
Avon violated federal securities laws by issuing misleading public
statements. Specifically, defendants failed to disclose the
following: (i) that Avon was experiencing increasing resistance to
its expansion efforts in China; (ii) that Avon's revenue growth in
its Central and Eastern Europe markets was dramatically slowing
from internally forecasted levels such that Avon would not reach
its earnings projections; (iii) that Avon's expansion efforts in
Russian were being delayed due to a variety of adverse factors. On
July 19, 2005, Avon announced that its earnings for the second
quarter of 2005 would be below expectations because of two factors:
(i) "an unexpected temporary decline in China as Beauty Boutique
owners reacted with concern to the imminent resumption of direct
selling in that country"; and (ii) "lower- than-anticipated revenue
growth in Central and Eastern Europe resulting from
underperformance of several key marketing offers as well as delayed
expansion into new geographies within Russia." On this news, Avon
stock closed at $31.30 per share, a decline of $5.30 per share from
the previous day's close. If you are a member of the class, you
may, no later than September 27, 2005, request that the Court
appoint you as lead plaintiff of the class. A lead plaintiff is a
class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any
recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class
members, including decisions concerning settlement. The securities
laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s). While Schatz & Nobel has not filed a complaint,
to view a copy of the Complaint initiating the class action or for
more information about the case, class action cases in general, and
your rights, please contact Schatz & Nobel toll-free at (800)
797-5499, or by e-mail: , or visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail:
DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or
Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499, Web
site: http://www.snlaw.net/
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