Media Contacts:
Shannon Boelter
1.888.300.8307
Company Information:
Fraud Discovery Institute, Inc.
9770 Caroll Center Rd.
Suite F
San Diego, CA 92126
USA
Ph. 1.888.300.8307
858-549-7729
Fx. 858-547-6359
Fraud Discovery Institute, Inc.
Internet:
mrkcon2@aol.com
http://www.frauddiscovery.net
Herba-Lie or Herbalife, asks Fraud Discovery Institute's Barry Minkow
FDI renews request for auditor resignation and expands investigation of Herbalife to include the independent lab testing of Herbalife (NYSE: HLF) vitamin and weight loss products
For Immediate Release
SAN DIEGO/EWORLDWIRE/April 25, 2008 --- Moments after Herbalife President Gregory Probert admitted he lied multiple times in his resume, Fraud Discovery Institute Co-Founder Barry Minkow renewed requests for Herbalife auditor, KPMG, to resign.
According to Minkow, the company's outside auditor needs to ask three questions according to SAS 99 and other relevant accounting literature:
1: What other dishonest behavior can be reasonably inferred from the multiple misrepresentations in Herbalife SEC filings made by senior management under the penalty of perjury?
2: Can auditors ever again truly trust senior management and the statements made by senior management that auditors must rely upon in order to submit a clean opinion on Herbalife's financial statements?
3: How can auditors ever create and maintain a culture of honesty and ethics within a company whose president lied to the SEC?
FDI asserts that it is the duty of any public accounting firm auditing a New York Stock Exchange company to have a zero tolerance for senior management misrepresentation, whether to the public or the SEC. "In a post-Sarbanes Oxley corporate environment, what has occurred at Herbalife is very serious and cannot be easily dismissed," said Barry Minkow.
"Our investigation will continue and intensify with Herbalife as we now move to independent testing with accredited labs of Herbalife products to ascertain whether or not some ingredients in their weight-loss and vitamin products may be harmful to the consumer," added Minkow. Independent testing of multi level marketing vitamins is not new to FDI; in the investigation of Usana Health Sciences, investigators at FDI had multiple lab tests performed on various products.
View more information at http://www.frauddiscovery.net.
To contact Barry Minkow, call 888-300-8307.
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CONTACT:
Barry Minkow
FDI
9747 Businesspark Ave #218
San Diego, CA 92131
PHONE. 888-300-8307
Chris Roslan
DRC Public Relations
PHONE. (212) 966-4600
KEYWORDS: Fraud, Minkow, fraud, crime, criminal investigation, vitamins, herbs
SOURCE: Fraud Discovery Institute
