Avon Inks $14.5M Deal In Stock-Drop Suit Over Recruiting

Law360 (August 21, 2020, 10:32 PM EDT) -- Avon Products Inc. has agreed to pay $14.5 million to end claims from a proposed class of investors that the beauty company loosened its recruiting standards in its critical market in Brazil, eventually causing the company's stock price to crater, according to a Friday bid for preliminary approval of the deal.

The investors in the consolidated securities action, led by Holly Ngo and David Klungle, also seek certification, for the purposes of the settlement, of a class of thousands who bought Avon stock between Jan. 21, 2016, and Nov. 1, 2017.

The investors urged the New York federal court to preliminarily...

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