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Financial Statements

BUSINESS
December 16, 2013 | By Stuart Pfeifer
Shares of Herbalife Ltd. stock surged more than 9% Monday after the company said its new accounting firm made "no material changes" after re-auditing three years of the company's financial statements. The new audits were required because KPMG resigned as Herbalife's auditors this year after the partner who had overseen the company's audits admitted to insider trading in Herbalife stock. PricewaterhouseCoopers re-audited Herbalife's financial statements from 2010, 2011 and 2012.
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BUSINESS
July 1, 1998
Harrison Digicom Inc. said Tuesday it has ordered a re-audit of its 1995 and 1996 financial statements due to concerns that reports from its former auditor in Vietnam may not be genuine. The Costa Mesa company said it has hired Deloitte & Touche's Vietnam affiliate to audit the company's financial statements for fiscal years 1995, 1996 and 1997. Deloitte & Touche alerted the company to its concerns about the 1995 and 1996 statements.
BUSINESS
March 12, 1990 | From United Press International
Union Bank Wins $5-Million Court Award: Accounting firm Arthur Young & Co. (now known as Ernst & Young) was ordered Thursday to pay $5 million to Union Bank of San Francisco for negligence in preparing financial statements on a Los Angeles company. An Orange County Superior Court jury in Santa Ana found the financial statements for Small World Greetings were inadequate and faulted the bank for sloppy lending practices. (Filed May 17, 1988; Case No. X557156)
BUSINESS
June 1, 1994
IDB Communications Group Inc. Auditor Quits: The company said Deloitte & Touche resigned after the accounting firm "questioned various adjustments" in IDB's first-quarter financial statements. IDB, a fast-growing Los Angeles-based telecommunications firm, is headed by Jeffrey P. Sudikoff, who recently joined with entertainment industry executive Joseph Cohen to buy a 72% stake in the L.A. Kings from financially troubled owner Bruce McNall.
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