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Estée Lauder must face a lawsuit accusing the cosmetic giant of defrauding shareholders by concealing its overdependence on improper grey-market sales in China, a federal judge in Manhattan ruled on Monday.
US District Judge Arun Subramanian said shareholders identified “several misleading omissions” and “half-truths” in Estée disclosures, related to the negative sales impact from a January 2022 government crackdown on the “daigou” grey market.
Shareholders in the proposed class…
