Friday, 1 July 2016
Last updated 50 min ago
Apr 10 2013 | 9:42am ET
SAC Capital Advisors can't seem to stay away from an insider-trading scandal these days.
While the focus of this week's KPMG kerfuffle has been on nutritional supplements company Herbalife, subject as it is to a battle of wills between Pershing Square Capital Management's William Ackman and Carl Icahn, a second company—shoemaker Skechers—is also caught up in it. And Skecher's newest investor is none other than SAC, which announced a 5.1% stake in the company after the markets closed on Monday, Dealbreaker.com reports.
There is no indication that SAC, the subject of a number of insider-trading probes, and which recently agreed to a $616 million deal with the Securities and Exchange Commission to settle insider-trading allegations, was the recipient of the confidential information allegedly provided by the now-former KPMG partner.
KPMG on Monday fired the unidentified partner, who allegedly gave information about both Herbalife and Skechers to an unidentified trader. The accounting firm then resigned as auditor for both companies.