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Stock Market & Financial Investment News

News Breaks
June 13, 2013
10:49 EDTREVRevlon to pay $850K to settle SEC charges of misleading shareholders
The Securities and Exchange Commission charged Revlon with violating federal securities laws when the company misled shareholders during a "going private transaction." An SEC investigation found that during a voluntary exchange offer to satisfy a significant debt to its controlling shareholder, Revlon engaged in "ring fencing" that deprived its independent board members from knowing critical information: the transaction's consideration had been deemed inadequate by a third party who evaluated whether current and former employees invested in Revlon common stock through the company's 401(k) plan could exchange their shares. Revlon agreed to settle the SEC's charges and pay an $850,000 penalty.
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