Herbalife Auditor KPMG Resigns

Accounting firm KPMG resigned from its assignment as auditor for the troubled nutritional-supplement company Herbalife Tuesday, prompting The New York Stock Exchange to immediately halt trading in the company's shares. No stranger to bad news, Herbalife has been the subject of an epic clash between hedge fund titans Bill Ackman, Daniel Loeb, and Carl Icahn for several months—a fight the media has nicknamed “the battle of the billionaires.” Ackman called Herbalife a sophisticated “pyramid scheme,” before shorting the company's stock and placing a $1 billion bet against it. Meanwhile, Loeb and Icahn staunchly defend the company, pushing back against Ackman and continuing to buy its shares.