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SEC sues over alleged hoax Avon, Rocky Mountain bids
2015-06-04 20:04:00| Food - Topix.net
The U.S. Securities and Exchange Commission on Thursday accused a Bulgarian man and several other defendants of submitting bogus takeover bids for Avon Products Inc and two other companies to fraudulently drive up their share prices. The complaint against Nedko Nedev, a firm calling itself PTG Capital Partners and others was filed in Manhattan federal court three weeks after Avon shares shot up 20 percent in intraday trading on May 14, when PTG claimed to have offered to buy the cosmetics company for $18.75 per share, a 181 percent premium.
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Category:Food and Related Products