News Column

KPMG Resigns Herbalife Account

April 9, 2013
kpmg

U.S. nutrition supplement giant Herbalife said Tuesday its accountant, KPMG, resigned due to alleged insider trading of Herbalife securities.

"Because of alleged trading in Herbalife's securities by one of KPMG's former partners," the accounting firm is resigning "effective immediately," the company said.

The partner resigned Monday. KPMG "notified Herbalife that KPMG's independence had been impaired and it had no option but to withdraw its audit reports on Herbalife's financial statements for the fiscal years ended Dec. 31 2010, 2011 and 2012."



Source: Copyright UPI 2013


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