|Herbalife shares halted; reasons unclear||| Print ||
|Written by CHRISTINA REXRODE, AP Business Writer|
|Tuesday, 09 April 2013 09:29|
NEW YORK (AP) — Shares of Herbalife are halted in morning trading for pending news.
The company has been the subject of a public smackdown between two hedge fund moguls. Bill Ackman has accused the company of misrepresenting its financial information and is betting the stock will fall. Carl Icahn has increased his investment in the company, expecting the stock to rise.
The Los Angeles-based company peddles products like energy drinks and stress management pills, and recruits people to work as independent sales staffers.
Also, KPMG said Monday that it fired a partner in the Los Angeles unit who was giving private information about a company to a third party who used that information to make stock trades.
KPMG is Herbalife's accounting firm. It wasn't clear if the events were related.
Copyright 2013 The Associated Press.