Herbalife, Sketchers are firms in KPMG resignations

Apr 09, 2013, 12:21 PM EDT
Traders work at the post that trades Herbalife stock on the floor of the New York Stock Exchange in this January 10, 2013 file photograph.
REUTERS/Brendan McDermid/Files

Nutritional products company Herbalife and shoemaker Sketchers said they are the  two firms from which KPMG had resigned as auditor after one of the firm's senior partners engaged in insider trading. The auditing firm said on Monday it had resigned as the outside auditor of two of its clients because of the actions of a senior partner who was in charge of the audit practice in its Los Angeles business unit. The FBI says it is investigating the case. Herbalife said the resignation had nothing to do with its accounting practices or the integrity of its management, both issues called into question by the high-stakes drama between hedge fund titans Bill Ackman and Carl Icahn over the company.

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