KPMG has resigned from its audits of the nutrition company Herbalife and footwear retailer Skechers after one of its senior auditors was discovered to be involved in insider trading.
“Late last week, we were informed that the partner in charge of KPMG’s audit practice in our Los Angeles business unit was involved in providing non-public client information to a third party, who then used that information in stock trades involving several West Coast companies,” the company said in a statement forwarded by spokesman Timothy Connolly. “The partner was immediately separated from the firm.
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