Huron Consulting loses senior management after accounting ‘errors’
04 Aug 2009, Accountancy Age, AccountancyAge
US management consulting group Huron has seen its share price plummet 69% after the uncovering of accounting errors led to the departure of the chief executive and CFO.
The company recently announced it was restating earning for 2006, 2007, 2008 and the first quarter of 2009 due to problems with the accounting of four business acquisitions. It also announced chief executive Gary Holden, chief financial officer Gary Burge and chief accounting officer Wayne Lipski are leaving the company, according to the Chicago Tribune.
Huron said that a number of Huron employees received some of the payments made to the selling shareholders of the acquired businesses, but denied the payments were ‘kickbacks’ to management.
The announcement saw shares plunge from $30.66 to $13.69
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Visitor comments
it is time for restructuring
these are tough times calling for good governance and yet good leadership where leaders have to take action to towards their duties and tasks for the good of company maximizing share holder value.
Posted by: jacksonmutebi , 05 Sep 2009 | 00:00