Huron Consulting loses senior management after accounting ‘errors’
Management consulting group’s share price plummets as CFO and CEO depart denying they received ‘kickbacks’ from acquisitions
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
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