Cosmetics company Estée Lauder is facing a new lawsuit filed by a stockholder in Manhattan federal court. Shareholder Portia McCollum accuses the group of exploiting duty-free tax exemptions through duty-free resellers called daigou to boost its Asia travel retail sales. The action, targeting 13 current and former directors including Chairman William P. Lauder, also accuses the board of concealing the truth about its daigou operations and demands governance reforms. The group has already settled a similar case for $210 million without admitting wrongdoing. The plaintiff also claims the company spent roughly $880 million repurchasing 3.5 million shares at inflated prices, overpaying by about $515.5 million.
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