Avon (AVP) Whipsawed By Apparent Hoax

Avon Products Inc. (NYSE: AVP) investors went on a wild ride after a bizarre SEC filing describing an $18.75 per share offer briefly sent shares up over 15%. Gains were short-lived, however, as questions about the legitimacy of the offer surfaced almost immediately.

In response to the offer by PTG Capital Partners, Avon said “it has not received any offer or other communication from such an entity and has not been able to confirm that such an entity exists.”

According to Bloomberg sources, the SEC’s enforcement division is reviewing the legitimacy of the offer.

On the Street, the ordeal is being viewed as a hoax given the events and the many typos in the SEC filing, including the spelling of the company’s name which was mistakenly transposed 'TPG' instead of 'PTG'.

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