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Back in December, I wrote about American Apparel (AMEX: APP), which had recently gone public through special purpose acquisition vehicle, and its CEO's checkered reputation -- sexual harassment lawsuits, masturbating in front of a reporter, etc. etc. etc. The stock has taken a beating since then.
This weekend's Wall Street Journal has a lengthy profile of American Apparel and CEO Dov Charney, and it just gets juicier. In an interview, he referred to his company's CFO, Ken Cieply, as a "complete loser," which is pretty ambitious.
The freak show stuff aside, there are some fundamentals-related issues dogging the company as well: the company's former insurer has said it won't cover the sexual harassment lawsuits, "inadequate expertise in the application of U.S. generally accepted accounting principles," a history of accounting woes, an Immigration and Customs Enforcement inquiry seeking citizenship documentation related to its workers, a government tax audit, and a substantial debt load. If you have a lot of time on your hands, flip through the risk factors disclosed in the latest 10-K.
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