Huron Consulting Group faced a plunge in its shares of nearly two-thirds of its market value, amid an accounting scandal that has seen its management leave.
The company, based in Chicago, which helps clients avoid accounting errors, has now faced its own bookkeeping problems, a move that saw its entire top management team leave the company, and a declaration by the group that it would restate more than three years of results from 2006-2008.
The company's stock closed down 69.13% at $13.69 on Nasdaq, seeing $660m wiped off its market value, Reuters reports.
Huron's audit committee found that Huron had acquired four businesses between 2005 and 2007, and that some employees received payments that were made from these acquisitions, a practice that although not illegal, is required to be accounted for differently.
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