
Dov dodges a bullet
American Apparel’s beaten-down stock surged nearly 16 percent — hitting the $1 mark yesterday for the first time since mid-August — after the Securities and Exchange Commission wrapped up lengthy investigations into the company’s accounting and finances without bringing any enforcement action.
The hipster retailer received a subpoena in August 2010 for documents related to a change in its accounting firm and its “financial reporting and internal controls.”
In May 2011, American Apparel was subpoenaed for documents related to the retailer’s accounting of foreign-currency transactions and transfer pricing.
American Apparel said it cooperated fully with the subpoenas and investigation.
Separately this week, the Canadian investment firm Goodman & Co. raised its passive stake in American Apparel to 12.5 percent from 2.5 percent.
American Apparel’s third-largest shareholder on Tuesday raised its passive stake in the troubled US retailer to 13.6 million shares, or 12.48 percent of the company, from 2.49 percent earlier.

