R E L A T E D C O N T E N T

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

Accountancy Age, Accountancy Age 04 Aug 2009

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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