Defendant Name:
Revlon, Inc.
Defendant Type:
Public Company
Document Reference:
2013-110
Document Details
Legal Case Name
In the Matter of Revlon, Inc.
Document Name
SEC Charges Revlon with Misleading Shareholders in Going Private Transaction
Document Date
13-Jun-2013
Document Format
Administrative Proceeding
Allegation Type
Securities Offering
Document Summary
On June 13, 2013, the SEC announced that it charged cosmetics and beauty care manufacturer Revlon, Inc. ("Revlon") with violating federal securities laws when the company misled shareholders during a "going private transaction." According to the SEC's order instituting settled administrative proceedings, 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 and resulted in various materially misleading disclosures to shareholders. Without admitting or denying the SEC's allegations, Revlon settled the charges by agreeing to cease and desist from any future violations of federal securities laws and pay an $850,000 penalty.
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order