Global nutrition company, Herbalife (NYSE: HLF), today announced that
PricewaterhouseCoopers LLP, Herbalife’s independent registered public
accounting firm (“PwC”), has completed its re-audit of the Company’s
consolidated financial statements for the fiscal years ended December
31, 2010, 2011 and 2012, and the audit of the effectiveness of the
Company’s internal control over financial reporting as of December 31,
2012.
Today, the Company filed an amended 10-K/A for the fiscal year ended
December 31, 2012, following the completed re-audit of the Company’s
2010, 2011 and 2012 financial statements. Additionally, the Company
today filed amended 10-Q/As for each of these quarters of 2013 following
the completion of SAS 100 reviews of those periods by PwC. With these
amended filings, the Company is now up to date with its SEC periodic
filings. There were no material changes to the Company’s audited 2010,
2011 or 2012 financial statements included in the amended 10-K/A or to
the Company’s first, second or third quarter 2013 financial statements
included in the amended 10-Q/As as compared with the Company’s
previously filed financial statements for and as of each of such periods1.
As previously announced, the change in the Company’s independent
auditors to PwC, and the corresponding need to perform re-audits, was
the result of the resignation of Herbalife’s former independent auditor,
KPMG LLP ("KPMG") due to the impairment of KPMG's independence resulting
from its now former partner's unlawful activities. As previously
publicly stated by KPMG, their resignation was not related to
Herbalife's financial statements, its accounting practices, the
integrity of Herbalife's management, or any other reason.
About Herbalife Ltd.
Herbalife Ltd. (NYSE:HLF) is a global nutrition company that sells
weight-management, nutrition and personal care products intended to
support a healthy lifestyle. Herbalife products are sold in more than 90
countries to and through a network of independent distributors. The
company supports the Herbalife Family Foundation and its Casa Herbalife
program to help bring good nutrition to children. Herbalife's website
contains information about Herbalife, including financial and other
information for investors at http://ir.Herbalife.com.
The company encourages investors to visit its website from time to time,
as information is updated and new information is posted.
FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact are “forward-looking
statements” for purposes of federal and state securities laws, including
any projections of earnings, revenue or other financial items; any
statements of the plans, strategies and objectives of management for
future operations; any statements concerning proposed new services or
developments; any statements regarding future economic conditions or
performance; any statements of belief; and any statements of assumptions
underlying any of the foregoing. Forward-looking statements may include
the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,”
“expect” or “anticipate” and any other similar words.
Although we believe that the expectations reflected in any of our
forward-looking statements are reasonable, actual results could differ
materially from those projected or assumed in any of our forward-looking
statements. Our future financial condition and results of operations, as
well as any forward-looking statements, are subject to change and to
inherent risks and uncertainties, such as those disclosed or
incorporated by reference in our filings with the Securities and
Exchange Commission. Important factors that could cause our actual
results, performance and achievements, or industry results to differ
materially from estimates or projections contained in our
forward-looking statements include, among others, the following:
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any collateral impact resulting from the ongoing worldwide financial
environment, including the availability of liquidity to us, our
customers and our suppliers or the willingness of our customers to
purchase products in a difficult economic environment;
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our relationship with, and our ability to influence the actions of,
our distributors;
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improper action by our employees or distributors in violation of
applicable law;
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adverse publicity associated with our products or network marketing
organization, including our ability to comfort the marketplace and
regulators regarding our compliance with applicable laws;
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changing consumer preferences and demands;
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our reliance upon, or the loss or departure of any member of, our
senior management team which could negatively impact our distributor
relations and operating results;
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the competitive nature of our business;
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regulatory matters governing our products, including potential
governmental or regulatory actions concerning the safety or efficacy
of our products and network marketing program, including the direct
selling market in which we operate;
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legal challenges to our network marketing program;
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risks associated with operating internationally and the effect of
economic factors, including foreign exchange, inflation, disruptions
or conflicts with our third party importers, pricing and currency
devaluation risks, especially in countries such as Venezuela;
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uncertainties relating to the application of transfer pricing, duties,
value added taxes, and other tax regulations, and changes thereto;
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uncertainties relating to interpretation and enforcement of
legislation in China governing direct selling;
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uncertainties relating to the interpretation, enforcement or amendment
of legislation in India governing direct selling;
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our inability to obtain the necessary licenses to expand our direct
selling business in China;
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adverse changes in the Chinese economy, Chinese legal system or
Chinese governmental policies;
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our dependence on increased penetration of existing markets;
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contractual limitations on our ability to expand our business;
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our reliance on our information technology infrastructure and outside
manufacturers;
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the sufficiency of trademarks and other intellectual property rights;
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product concentration;
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changes in tax laws, treaties or regulations, or their interpretation;
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taxation relating to our distributors;
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product liability claims;
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whether we will purchase any of our shares in the open markets or
otherwise; and
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share price volatility related to, among other things, speculative
trading and certain traders shorting our common shares.
We do not undertake any obligation to update or release any revisions
to any forward-looking statement or to report any events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law.
1 Please refer to the Explanatory Notes included in the
Company’s amended 10-K/A for the fiscal year ended December 31, 2012 and
in the amended 10-Q/As for each of the 2013 quarters which summarize
those changes made as a result of the filings made today.
Copyright Business Wire 2013