NEW YORK (TheStreet) -- Shares of Avon Products Inc. (AVP - Get Report) are down -12.63% to $13.37 on Thursday after the company said it will pay $135 million in fines and fees in order to settle a U.S government investigation into whether or not the company paid bribes in China.
The door-to-door cosmetic sales company will pay $68 million to settle with the Justice Department and $67 million to the SEC.
Under the Foreign Corrupt Practices Act, Avon's Chinese subsidiary will plead guilty to violating its books and records in exchange for a three year deferment of criminal prosecution, after which the charges could be dismissed.
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Today, Avon posted its 2014 first quarter earnings and reported a loss of -$168.3 million, or -38 cents per share, compared to the 2013 first quarter loss of -$13.7 million, or -3 cents per share.Total revenue for the first quarter 2014 was $2.2 billion, an 11% decrease from $2.5 billion from the same period last year.
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