Recapping the day's news and newsmakers through the lens of CNBC.
There are lots of ways to deny wrongdoing:
"We didn't do it, period."
"A rogue underling did it."
"I'm just the CEO, how should I know?"
Or the ever-popular "No comment."
But Lululemon Athletica, the apparel company that makes yoga clothing, has taken a different tack by saying, in effect: we wouldn't have done that because it would have been so, so dumb. The key issue is whether the firm tried to conceal the fact that its yoga pants failed to conceal. Conceal customers' fannies, that is. The fabric stretched when the wearer bent over, becoming transparent.
This made the pants hard to sell, and shareholders have sued for securities fraud, alleging the firm tried to hide this and other problems, such as the fact it was dumping its CEO. The firm insists it announced all important information in a timely way.