Zamansky LLC announces that it has commenced an investigation of Avon Product Inc.’s (AVP) employee personal savings account plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”).
ERISA imposes fiduciary duties to prudently manage and invest plan assets. These duties were allegedly violated by Avon Products’ continued offering of its company stock during a pending federal investigation for violations of the Foreign Corrupt Practices Act (“FCPA”).
Since 2010, Avon’s stock price has fallen from over $40 per share to below $10 per year. Avon’s collapse in stock price relates to the FCPA investigation by the U.S. Department of Justice and Securities and Exchange Commission. The FCPA makes it illegal for U.S.-companies operating in foreign countries to pay bribes or kickbacks.
Separate shareholder lawsuits have alleged that Avon engaged in systemic FCPA violations, and misrepresented its revenues from various foreign countries. One lawsuit also alleges that Avon made numerous misrepresentations about the extent, reach and costs of the investigations against the company.
According to employee stock and investment fraud attorney, Jake Zamansky, Avon Products’ employees who purchased and held company stock (AVP) through the Plan since 2010 have suffered substantial losses to their retirement savings. The FCPA
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EX-UPS driver's pregnancy bias claim at high court
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Peggy Young only has to look at her 7-year-old daughter to be reminded how long she’s been fighting with United Parcel Service over its treatment of pregnant employees — and why.
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Obama shops to support small business, buys books
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President Barack Obama has done his part to support independently owned business as the holiday shopping season begins.
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BlackBerry Deal: Trade In your iPhone, Get the Passport for Free
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BlackBerry’s Passport is a truly unique business phone, and you can get it for free if you trade in your iPhone.
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14 Year Old Founder Of 250 Million Dollar Company Shares What She Learned
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Bella Weems founded Origami Owl when she was just 14 years old. Cosmopoliton magazine had an exclusive interview with her where she shares the 6 things she learned on the way to becoming a millionaire:
You wouldn’t normally take career advice from someone who can’t legally buy a drink yet, but maybe this time, you should. Bella Weems founded her own custom-jewelry company, Origami Owl, when she was just 14 and has since grown it into a multimillion-dollar business. Here, the young exec shares her secrets for success.
1. Ignore the Haters—Even the Ones You Love
Especially when you have an idea that seems risky or different from what everyone is doing, you’re going to hit some red lights. (Reminder: Those are generally the best ideas!) When people tell you not to go for it or give up when things get tough, remind yourself they’re doing so because “they think they are protecting you from failure,” says Bella. “They mean well, but you have to have faith in yourself for others to also.” Use their doubt as momentum. After all, without the risk of failure, there would be no such thing as success.
2. Establish Your Core Values
Whether they’re unwritten but etched in the back
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Cinsay Targets The MLM Industry With Its Technology
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Cinsay, the leader in video commerce, is targeting the growing MLM, IBO and Direct Selling business models with the expansion of its video technology.
The company has already seen early success with the launch of its promotional video commerce and lead generation video player for several direct selling organizations. Based on the response, there is a tremendous, untapped opportunity within the industry for Cinsay’s unique video and social commerce technology.
The global market for direct selling continues to grow with sales in the U.S. alone up 3.3% in 2013 to $32.67b from 2012. This growth will most likely continue as people seek new and creative ways to diversify their incomes. According to one Forbes business contributor, Robert Laura stated, “I believe that the entire industry is poised for explosive growth and can be one of the most significant solutions to America’s current retirement savings crisis.” The expansion of those markets comes from a wide variety of businesses including: health and beauty, personal care, services, clothing and accessories, leisure, activities and durables.
The Perfect Technology for the MLM Market:
As the Internet and various social media sites have become ubiquitous to everyday life, coupling direct selling opportunities with unique and compelling technologies can create a ‘game changing’ moment
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Kleeneze Loses Nearly A Quarter Of Sales After A Period Of Poor Service Levels
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Half-year results from Findel (FDL) told a tale of two parts. The Kleeneze marketing business lost nearly a quarter of sales as it struggled to win back customers following a period of poor service levels.
Luckily, a flexible cost base stemmed the bottom-line damage: divisional operating profit fell by just £1m, giving a £0.4m loss. Still, the dire result forced management to take a £19m impairment charge on the business, which explains the dramatic fall in reported earnings.
Excluding this charge, the group made a pre-tax profit of £1.5m, compared with losses the year before. Much of that was thanks to Express Gifts. This personalised shopping service enjoyed a 6 per cent increase in sales, boosting profits by almost a half to £4.8m, as efforts to improve the pricing and product range and trim costs paid off. Bad debt levels from credit customers also improved dramatically.
Elsewhere, tighter school budgets trimmed profits in the educational supplies division, but sports-merchandise retailer Kitbag enjoyed decent top-line growth and almost halved its losses to £1.5m. Importantly, Findel is exploring a sale, and several parties have expressed interest. Any proceeds would be used to cut debt, which fell by £15.8m to £116m, net of cash.
Oriel Securities expects adjusted
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On Black Friday, many shop, others make statements
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An estimated 600,000 Nevada shoppers hit stores on Black Friday while others used the day to make a point on behalf of the retail workers who stocked the shelves and rang up the purchases.