Posted by: youngragingbull | June 13, 2013

Revlon fined $850K by SEC

The Securities and Exchange Commission on Thursday fined cosmetics and beauty care manufacturer Revlon Inc. $850,000 for allegedly misleading shareholders during a going-private transaction.

The SEC alleges that Revlon deprived its independent board members from knowing that the transaction’s consideration had been deemed inadequate by a third party.

Antonia Chion, associate director in the SEC’s enforcement division, said that by erecting informational barriers, Revlon kept critically important information from its board and, in turn, misled investors.

Source: MW

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