American Apparel Stock Plummets as Woes Mount

Shares in American Apparel, the clothing choice of urban hipsters, plummeted more than 13 percent as the company disclosed receiving a federal subpoena over its change in accounting firms.

American Apparel reported in its quarterly report that it has received a subpoena from the United States Attorney for the Southern District of New York regarding its switch to Marcum from Deloitte as its independent auditor.

It has also received “inquiries” from the Securities and Exchange Commission.

Read the rest at New York Times

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