NEW YORK (TheStreet) -- Procter & Gamble (PG) shares are down 0.57% to $86.76 on Monday after the company's Argentinian operations were suspended due to allegations of tax fraud, according to a statement issued by the country's AFIP tax agency.
Despite the suspension of operations, it is not clear whether production at the company's facilities in the country have been halted, according to Reuters.
The announcement by the tax agency is in response to allegations that the Cincinnati, OH-based company over billed $138 million in imports in an effort to get money out of the country, an accusation the company denies.
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Watch the video below for more on the tax fraud allegations against P&G:
TheStreet Ratings team rates PROCTER & GAMBLE CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROCTER & GAMBLE CO (PG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income."