Defendant Name:
Revlon, Inc.
Defendant Type:
Public Company
SIC Code:
2844
CUSIP:
76152560
Document Reference:
34-69750
Document Details
Legal Case Name
In the Matter of Revlon, Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings and Imposing Civil Penalties and a Cease-and-Desist Order
Document Date
13-Jun-2013
Document Format
Administrative Proceeding
Allegation Type
Securities Offering
Document Summary
On June 13, 2013, the SEC issued an order instituting a cease-and-desist proceeding against Revlon, Inc. According to the SEC: "Revlon engaged in various acts described as 'ring-fencing,' which were acts undertaken by Revlon to avoid receiving an opinion from a third-party financial adviser who ultimately found that the terms of Revlon's proposed 'going-private' transaction did not provide for adequate consideration (as that term is used in the Employee Retirement Income Security Act of 1974 ('ERISA')) to participants in Revlon's 401(k) plan. Revlon's 'ring-fencing' acts operated as a fraud or deceit upon Revlon's minority shareholders -- as they rendered various disclosures in Revlon's publicly-filed offering documents materially misleading to Revlon's minority shareholders." On June 13, 2013, the SEC announced that the Commission had accepted Revlon, Inc.'s offer of settlement and imposed a cease-and-desist order and civil penalties.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$850,000.00
Shared: