BUSINESS

American Apparel Shares PLUNGE As Auditor Quits

09/28/2010 05:12 am ET | Updated May 25, 2011

NEW YORK (Dow Jones)--American Apparel Inc. (APP) shares plunged as much as 25% Thursday after the retailer said accounting firm Deloitte & Touche resigned as its auditor, the latest blow for the cash-strapped company.

In a vague filing with the Securities and Exchange Commission, American Apparel said Deloitte had warned information had come to its attention that could materially affect the reliability of its audit report or the company's 2009 financial statements, if investigated further.

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