Avery Dennison’s Stock Tumbles
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Shares of label-making giant Avery Dennison Corp. fell more than 11% after the Pasadena company said that it found “instances of improper conduct” by employees in its European operations and that it expected the infractions to result in fines.
The news was disclosed in a Securities and Exchange filing after the markets closed Thursday. Avery didn’t describe the nature of the wrongdoing or estimate the size of the expected fine, but said it might be “material.”
Avery’s stock closed at $54.90, down $6.99, on the New York Stock Exchange.
Debora Vrana
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