The SEC has filed a lawsuit over that bizarre, typo-filled Avon buyout offer from a firm no one had ever heard of
According to a court filing, the SEC has sued a bunch of firms: PTG Capital Partners, PST Capital Group, Nedko Nedev, Strategic Capital Partners Muster, and Strategic Wealth Investment.
The SEC alleges that the defendants made "coordinated attempts to fraudulently manipulate the price" of Avon, as well as Tower Group International and Rocky Mountain Chocolate Factory.
Avon's stock rocketed nearly 20% on May 14 after a filing on the SEC's Edgar website indicated PTG Capital Partners was offering to buy Avon for $18.75 per share.
The filing had typos; in the 'about' section, the firm referred to itself as "TPG Partners," a massive private equity firm that is not apparently affiliated with PTG Capital Partners.
The following day, Reuters reported that the FBI was looking into the suspicious bid.
In trading on Thursday, shares of Avon were lower but little changed.