Avery Dennison Denounces Four Pillars Lawsuit.PASADENA, Calif.--(BUSINESS WIRE)--Jan. 5, 1999--Avery Dennison Corp. (NYSE NYSE See: New York Stock Exchange :AVY) (PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. :AVY) Tuesday responded to a news release announcing a lawsuit filed against the company in Taiwan and China by Four Pillars Four Pillars may refer to:
"We have not yet been served with the complaint, but the allegations described in the news release are completely without merit. This is an attempt to distract attention from Four Pillars' own criminal conduct," said Robert G. van Schoonenberg, senior vice president and general counsel of Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. . "For over a year, the chairman of Four Pillars, Mr. P.Y. Young, and his daughter, Ms. Sally Yang, a Four Pillars officer, have been under house arrest in the United States awaiting trial on 21 criminal counts including violations of the U.S. Economic Espionage Act, mail fraud, wire fraud, money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. and receipt of stolen property. "Mr. Young and Ms. Yang, who were arrested by the Federal Bureau of Investigation Federal Bureau of Investigation (FBI), division of the U.S. Dept. of Justice charged with investigating all violations of federal laws except those assigned to some other federal agency. in Sept. 1997, are charged with participating in the theft of Avery Dennison trade secrets over a period of eight years and are set to stand trial in March of this year for those crimes. "At the time of their arrest in 1997, Avery Dennison announced that it had filed a civil lawsuit against Four Pillars, Mr. Young and Ms. Yang. That lawsuit, for violations of the Racketeer Influenced and Corrupt Organizations Act (RICO RICO n. . ), conspiracy, theft of trade secrets, unfair competition, fraud and other charges related to economic espionage, will be tried following the completion of the criminal trial," said van Schoonenberg. Avery Dennison, with sales of $3.3 billion in 1997, develops, manufactures and markets innovative self-adhesive solutions for consumer products and label systems. Based in Pasadena, the company makes a wide range of products for consumer and industrial markets, including Avery-brand office products, Fasson-brand self-adhesive materials, peel-and-stick postage stamps, battery labels, automated retail tag and labeling systems, and specialty tapes and chemicals. Approximately 16,100 employees in 200 manufacturing and sales facilities produce and sell Avery Dennison products in 89 countries. |
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