Reuters: Global Markets: Herbalife hires PwC as new auditor, shares up

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Herbalife hires PwC as new auditor, shares up May 21st 2013, 17:03 Tue May 21, 2013 1:03pm EDT (Reuters) - Herbalife Ltd (HLF.N) said on Tuesday it has engaged PricewaterhouseCoopers LLP PWC.UL as its auditor, replacing KPMG in the wake of alleged insider trading. The news sent the nutritional products company's shares up 4 percent in midday trading. PwC will audit Herbalife's financial statements for fiscal year 2013 and reaudit statements for fiscal 2011 and 2012. Last month, KPMG resigned as auditor for Herbalife and Skechers USA Inc (SKX.N) and parted ways with Scott London, a senior auditor. U.S. authorities have filed criminal and civil charges against London, who is accused of passing on non-public information about the companies to his longtime golf partner, jeweler Bryan Shaw. Herbalife shares were up $1.91, or 3.9 percent, at $51.12 on the New York Stock Exchange. They had risen 10.7 percent on Monday. S&P Capital IQ analyst Tom Graves had said on Monday that the stock was likely moving due to hopes that Herbalife was close to naming a new auditor and possible purchases by short-sellers buying back shares to cover their negative bets. Graves stood by his "hold" rating on the stock on Monday. (Reporting by Martinne Geller in New York; Editing by Maureen Bavdek and Gunna Dickson)

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