NEW YORK (TheStreet) -- Shares of Herbalife (HLF) spiked 9.4% to close at $74.83 at the end of trading on Monday after the company said a re-audit had found no material changes to its financial results from the past three years.
Shares of Herbalife were temporarily halted prior to the announcement, and rose as much as 13% to $74.72 following the news.
PricewaterhouseCoopers (PwC) performed the audit on the company's records for fiscal years 2010, 2011, and 2012 as well as the first three quarters of fiscal 2013.
Herbalife "filed an amended 10-K/A for the fiscal year ended December 31, 2012," the press release notes. The company also 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 those filings, the company is now up to date on all SEC periodic filings.
News of the re-audit comes at the same time as comments about the company from activist investor Carl Icahn. Icahn told CNBC that he believes the nutritional supplement company is currently undervalued.
TheStreet Ratings team rates HERBALIFE LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HERBALIFE LTD (HLF) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."