San Diego, Oct. 28, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Avon Products, Inc. (NYSE: AVP) over possible breaches of fiduciary duties by certain officers and directors was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Avon Products, Inc. (NYSE:AVP) concerning whether certain of its officers and directors, or others have possibly breached their fiduciary duties. Specifically, the investigation concerns whether certain statements regarding Avon Products business, its prospects and its operations were potentially materially false and misleading at the time they were made.

Avon Products reported that its annual Revenue increased from $9.93billion in 07 to $10.86billion in 2010. However, over the same time frame, Avon Products reported that its Net Income fell from as high as $875.30million in 08 to $625.90million in 09 and to $605.90million in 2010.

Shares of Avon Products, Inc. (NYSE: AVP) grew from as low as $15.68 in March 09 to over $35 per share in the end of 2009. During 2010 AVP shares traded as low as $25.73 and as high as $34.86 per share and closed 2010 as slightly below $30 per share. For the first month in 2011 NYSE AVP stocks were able to hold for the most part its value and traded to the end of July at slightly below $29 per share.

However, since the end of July AVP shares have lost significantly in value and August to $20.53 per share. On October 3rd AVP shares dropped to under $19 per share but were able to regain some value and close on October 24th at almost $24 per share.

Then on October 27, 2011, Avon Products reported its third quarter 2011 results. On the same day Avon Products also reported its quarterly report with the U.S. Securities and Exchange Commission. Among other things, Avon Products also disclosed that on October 26, 2011, Avon Products received a subpoena from the United States Securities and Exchange Commission (SEC) requesting documents and information in connection with a Regulation FD investigation of the Company's contacts and communications with certain financial analysts and other representatives of the financial community during 2010 and 2011. Avon Products said that it was also advised that a formal order of investigation was issued by the SEC relating to the FCPA matters and the Regulation FD matters that are referenced in the subpoena.

Shares of Avon Products (NYSE:AVP) fell on October 27, 2011 from almost $24 back to under $19 per share.