Avon Warns of Further Firings Amid FCPA Probe - Corruption Currents - WSJ


Avon Products Inc. said it may have to fire more people as it continues its internal probe into allegations of foreign bribery.

The cosmetics company, which posted an 81% decline in third-quarter earnings, said Thursday in a securities filing that in connection with the investigation, it has terminated employees in senior management, “and additional personnel actions may be taken in the future.”

The U.S. Justice Department, Securities and Exchange Commission and Avon’s board are looking into possible violations of the Foreign Corrupt Practices Act, which bars bribery of foreign officials to get or keep business. Avon disclosed the probes in October 2011, and said Thursday it’s cooperating with the investigations.