Herbalife soared in late trading today after it announced that PricewaterhouseCoopers had completed the re-audit of its financials and found no need for major changes.
The Wall Street Journal’s Moneybeat has the details:
Herbalife's reaudited results from 2010 through 2012 don't contain any material changes, the nutritional-supplement maker said Monday afternoon…
The company, which sells weight-loss shakes and fitness supplements, was required to reaudit its financial statements after it selected PricewaterhouseCoopers LLP as its new independent auditor. Herbalife needed to find a new auditor earlier this year to replace KPMG LLP, which had to resign in the wake of an insider-trading scandal.
Speaking on CNBC, Mr. Icahn, a Herbalife shareholder, said he is "certainly happy" about the completion of Herbalife's reaudited results. He said he continues to believe the company is undervalued and has never doubted Herblife as a viable company.
This is what happens when a stock makes that kind of announcement with less than half an hour to the close:
Shares of Herbalife finished up 9.4% at $74.83 today.
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