KPMG fires partner, resigns as Herbalife auditor

KPMG fires partner over insider trading accusations, resigns as auditor for Herbalife

Associated Press

NEW YORK (AP) -- Accounting firm KPMG is resigning as the auditor for Herbalife after firing one of its own partners because of allegations of insider trading.

Herbalife said KPMG was resigning only because of the insider trading accusations and not for any reason related to Herbalife's financial statements or accounting practices.

Herbalife's shares have been halted from trading.

The headache comes at an awkward time for Herbalife. In recent months the hedge fund mogul Bill Ackman has publicly attacked it, saying it is distorting the financial information it gives to investors. Herbalife has shot back, saying Ackman just wants to push the stock down for his own benefit.

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