Reported 1 day ago
Estee Lauder faces a federal lawsuit in the U.S. for allegedly defrauding shareholders by hiding its reliance on improper gray-market sales in China. A judge ruled that shareholders identified misleading omissions regarding the impact of a government crackdown on 'daigou' sales, which hurt the company's stock value by approximately $8.7 billion. The lawsuit includes claims against former executives, asserting they failed to disclose key factors affecting sales performance.
Source: YAHOO