KPMG Scandal Delays Skechers’ FilingFriday, May 10, 2013
Skechers USA Inc. on Friday told the Securities and Exchange Commission that it would be late in filing its quarterly report with the regulator because it had to switch auditors due to the KPMG insider trading scandal.
The Manhattan Beach shoemaker now plans to announce first quarter results after the markets close on Wednesday. The company said that its new independent auditor, BDO USA, needed more time to review the financial reports.
Skechers hired BDO in late April, after KPMG resigned. Scott London, a partner in its Los Angeles office, was fired for his acknowledged leaking of inside information on Skechers and other public companies whose accounts he supervised.
KPMG had been Skechers' auditor since the company started in 1992.
Skechers closed up 56 cents, or 2.6 percent, to $21.93 on the New York Stock Exchange.