Business Briefs: 6/20/14

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Board did not recommend auditor’s dismissal

FAB Universal said its board of directors did not recommend or approve the decision to dismiss the Pittsburgh-based digital content provider‘‍s auditor last month. The disclosure came after the Securities and Exchange Commission asked the company to clarify the May 6 filing announcing that Friedman LLC had been replaced by KCCW Accountancy Corp. FAB could be delisted from the New York Stock Exchange because it has failed to file its 2013 financial statements with the SEC. The delay was caused by an investigation of the company’‍s accounting practices.

ExOne will open new office in Italy in August

The ExOne Company said it will open a production service center and sales office in the Lombardy region of Italy on or about Aug. 1. The facility will showcase the North Huntingdon company‘‍s 3-D printing technology to foundries and other manufacturing concerns in the region.

Thread up for $25,000 from Ledbury

East Liberty-based textile company Thread is seeking votes to win Richmond-based shirtmaker Ledbury’‍s Launch Fund contest. Thread is one of three finalists that can win $25,000 and mentoring from Ledbury‘‍s co-founders. Voting continues until June 24 at https://​ledbury.wufoo.com/​forms/​ledbury-launch-fund-vote/.

American Apparel founder ousted amid inquiry

The board of American Apparel, a fashionable clothier with racy advertising, has moved to oust the company’s controversial founder. In a statement late Wednesday, the retailer said that its board had voted to fire Dov Charney as chief executive and chairman. According to company director Allan Mayer, the move was made amid “an ongoing investigation into alleged misconduct.” American Apparel CFO John Luttrell, was installed as interim chief executive.

Gauge of economy gains 0.5 percent in May

The Conference Board said Thursday that its index of leading indicators increased 0.5 percent in May, an improvement from a revised 0.3 percent gain in April. The strength was broadly based with positive contributions from all the financial and labor components of the index.


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