Herbalife Hires PricewaterhouseCoopers as Auditor After KPMG

Tuesday, 21 May 2013 01:04 PM

 

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Herbalife Ltd. says it has hired PricewaterhouseCoopers to be its new auditor.

The nutrition company's previous auditor KPMG resigned last month after insider trading allegations against a rogue executive of the accounting firm. The former KPMG partner, Scott London, has been charged with conspiracy to commit securities fraud.

KPMG's resignation came at a sensitive time for Herbalife, which is in the middle of a fight between activist investor Bill Ackman and his rival, Carl Icahn. Ackman has publicly attacked Herbalife, saying its business model amounts to a pyramid scheme.

PricewaterhouseCoopers will re-audit Herbalife's financial records for fiscal years 2010, 2011 and 2012 and review the company's results for the first quarter of 2013.

Shares of Herbalife Ltd. are up nearly 4 percent to $51.10 in afternoon trading.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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