- The SEC has charged a Bulgarian man, Nedko Nedev, for manipulating the stock prices of Avon Products (NYSE:AVP) and Rocky Mountain Chocolate Factory (NASDAQ:RMCF) by using the Edgar database to submit fraudulent takeover offers.
- Avon's bid, which appeared on Edgar weeks ago, shot the stock up 20% before the company issued a statement saying it thought the offer was a hoax.
- The false bids also raise concerns about the integrity of Edgar, which more than 300K companies use to electronically submit regulatory filings.
- Previously: WSJ: FBI looking into suspicious bid for Avon (May. 15 2015)
- Previously: WSJ: SEC looks into dodgy Avon bid (May. 15 2015)