Ackman claimed late last year that the company was an illegal pyramid scheme, announcing he was betting against the stock. That set off a skirmish among Wall Street investors. Carl C. Subscriber Account active since. Earlier this year, KPMG resigned as Herbalife's auditor after one of its auditors leaked non-public information to a third party.
The stock re-opened after being halted and the market seems pleased. Herbalife is a multi-level marketing company that sells nutritional supplements and weight loss shakes. It's also the company that hedge fund manager Bill Ackman is short. His rival Carl Icahn and a number of other fund managers including George Soros and Richard Perry disagree with that thesis and are long the stock.
He added that he believed the criticism against Herbalife "was nonsense then. Icahn continued to call this investment "sort of a no brainer. In addition to auditing Herbalife's financials, PwC will re-audit the nutritional supplement company's financial statements for , and , which were withdrawn in the aftermath of KPMG's resignation.
Investors seemed pleased with the progress, sending shares of Herbalife up sharply in afternoon trading. Herbalife has been in the spotlight for several months, after hedge fun manger Bill Ackman accused the company of operating a pyramid scheme, an allegation the company vigorously denies. For starters, there's this classicly opaque disclosure:. What's missing? Have something to add to this story?
As always, all tips are anonymous. We have two ideas for you from eBay: An autographed 8-inch by inch photo of Bebe Rexha because BoMo is apparently a big fan. Q: A firm was not independent with respect to Company A for Year 1 because the firm performed bookkeeping or other prohibited services for Company A during the audit and professional engagement period of Year 1. For Year 2, however, the firm is independent with respect to Company A. The firm is auditing the Year 2 financial statements.
In the course of conducting the audit for Year 2, the firm becomes aware that there will be restatements of prior year's financial statements. Can the accounting firm re-audit the prior period financial statements? A: Rule does contain a specific "cure" if the independence issue related to the prior period is a financial interest. However, if the independence problem is caused by something else e. Since the accounting firm would need to be independent with respect to that prior period in order to issue an opinion on that period, the accounting firm would be precluded from re-auditing the prior period financial statements.
This "no cure" seems problematic doesn't it? Francine thinks so, writing us, "[It's] incurable like a case of herpes.
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