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Latest Business News: Lululemon Sued for Fraud Over Sheer Yoga Pants, CEO Exit

Wochit 1:10 mins

Lululemon Athletica has been hit with a U.S. lawsuit accusing it of defrauding shareholders by hiding defects in yoga pants whose sheerness led to a costly recall, and concealing talks that led to the sudden departure of its chief executive. A Spanish government investigation into the public offering of a struggling bank that saddled investors with huge losses questions the independence of the Spanish unit of Deloitte Touche Tohmatsu Ltd. and says that auditing work it did may have been faulty. Nigerian businessman Tony Elumelu, who backed President Barack Obama's Africa Power initiative with a $2.5 billion investment-pledge, said the lack of competition in the continent's nascent power sector makes it an investment gem. Obama's $7 billion plan to shine "light where currently there's darkness" in Africa by doubling access to power on the world's poorest continent, will be backed by another $9 billion in private sector money.

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