Herbalife auditor KPMG resigns amid information leak
Herbalife's stock was down 21 cents at $38.18 Tuesday
Topics: Associated Press, Herbalife, KPMG, Wall Street, Business News, News
NEW YORK — Herbalife shares reopened for trading in the late morning after the company learned that a partner at its independent auditor may have been trading Herbalife shares illegally.
Herbalife’s stock was down 21 cents at $38.18 Tuesday. The broader market was mixed.
Accounting firm KPMG told Herbalife that it had to resign as auditor because it learned that a KPMG partner may have used inside information to trade Herbalife stock.
Herbalife said KPMG’s resignation was not related to Herbalife’s financial statements or accounting practices.
The development comes at an awkward time for Herbalife. Hedge fund mogul Bill Ackman has publicly accused of it distorting its financial information. Herbalife has shot back, saying Ackman just wants to push the stock down for his own profit. Ackman has bet the stock would fall.
More Related Stories
-
The persistence of Carson Daly: How an MTV personality became face of "The Voice"
-
Predictions for tomorrow's jobs report
-
Text messaging down across the U.S.
-
6 insidious ways you're getting ripped off
-
Fracking ourselves to death in Pennsylvania
-
When nothing trickles down
-
Bangladesh building collapse toll climbs to 433
-
Turns out much-hyped settlement still allows banks to steal homes
-
Alex Jones: Conspiracy Inc.
-
Study: Medicaid improves mental health for uninsured
-
Media companies reap benefits of higher network fees
-
Patriot group hopes to become NASCAR sponsor
-
Man loses life savings in carnival game
-
Pope condemns "slave labor" conditions in Bangladesh
-
Voters not taking failed gun control legislation lightly
-
Big money arms the NRA
-
Workers stage May Day protest for higher wages, better conditions
-
Morning-after pill now available over-the-counter
-
Apple selling record amount in bonds
-
Online poker goes legit
-
Beanie Baby manufacturer's corrupt labor practices
Featured Slide Shows
The week in 10 pics
close X-
This photo. President Barack Obama has a laugh during the unveiling of the George W. Bush Presidential Center in Dallas, Tx., Thursday. Former first lady Barbara Bush, who candidly admitted this week we've had enough Bushes in the White House, is unamused.
Reuters/Jason Reed -
Rescue workers converge Wednesday in Savar, Bangladesh, where the collapse of a garment building killed more than 300. Factory owners had ignored police orders to vacate the work site the day before.
AP/A.M. Ahad -
Police gather Wednesday at the Massachusetts Institute of Technology to honor campus officer Sean Collier, who was allegedly killed in a shootout with the Boston Marathon bombing suspects last week.
AP/Elise Amendola -
Police tape closes the site of a car bomb that targeted the French embassy in Libya Tuesday. The explosion wounded two French guards and caused extensive damage to Tripoli's upscale al-Andalus neighborhood.
AP/Abdul Majeed Forjani -
Protestors rage outside the residence of Indian Prime Minister Manmohan Singh Sunday following the rape of a 5-year-old girl in New Delhi. The girl was allegedly kidnapped and tortured before being abandoned in a locked room for two days.
AP/Manish Swarup -
Clarksville, Mo., residents sit in a life boat Monday after a Mississippi River flooding, the 13th worst on record.
AP/Jeff Roberson -
Workers pause Wednesday for a memorial service at the site of the West, Tx., fertilizer plant explosion, which killed 14 people and left a crater more than 90 feet wide.
AP/The San Antonio Express-News, Tom Reel -
Aerial footage of the devastation following a 7.0 magnitude earthquake in China's Sichuan province last Saturday. At least 180 people were killed and as many as 11,000 injured in the quake.
AP/Liu Yinghua -
On Wednesday, Hazmat-suited federal authorities search a martial arts studio in Tupelo, Miss., once operated by Everett Dutschke, the newest lead in the increasingly twisty ricin case. Last week, President Barack Obama, Sen. Roger Wicker, R.-Miss., and a Mississippi judge were each sent letters laced with the deadly poison.
AP/Rogelio V. Solis -
The lighting of Freedom Hall at the George W. Bush Presidential Center Thursday is celebrated with (what else but) red, white and blue fireworks.
AP/David J. Phillip -
Recent Slide Shows
-
The week in 10 pics
-
"Arrested Development" character posters
-
Photos of the Boston manhunt
-
Newspaper headlines covering the Boston explosion
-
Most Read
-
71 names so awful New Zealand had to ban them
-
"This could be a career ender for Michele Bachmann"
-
He made me his drug mule
-
Ted Cruz will never be president
-
Claire Messud to Publishers Weekly: "What kind of question is that?"
-
Pictures of people who mock me
-
Is Michael Pollan a sexist pig?
-
How conspiracists think
-
Bush cancels Europe trip amid calls for his arrest
-
"Star Trek's" Wil Wheaton tells newborn girl why being a nerd "is awesome"
Popular on Reddit
links from salon.com
Comments
0 Comments