The Winner for Best Use of Irony in Accounting Goes to... Huron
If there is an award for best use of irony in accounting, it goes to these guys.
Huron Consulting Group Inc (HURN), which helps clients dodge accounting pitfalls and stay on the right side of the law, faced its own corporate meltdown on Monday sparked by a bookkeeping scandal that wiped nearly $660 million from its market value since Friday.
Chicago-based Huron, which rose in 2002 from the ashes of collapsed accounting giant Arthur Andersen, said late on Friday that its entire top management team would leave the company and that it would restate more than three years of results.
The company's earnings for that period would be slashed almost in half because it had misreported costs related to acquisitions.
"As a professional services company with a relatively high amount of debt, it is not implausible to argue that this event causes the company to languish for an extended period of time or eventually unravel," said Timothy McHugh, an analyst at William Blair & Company, which owns 2.54 percent of Huron's shares according to Reuters Knowledge.
Huron stock closed down 69.13 percent at $13.69 on Nasdaq.
So the guys who were publicly commenting to the SEC on "auditor independence" and other critical facets of the industry are also fudging their numbers?
That's a hipster win.
Which is ironic because it's really a FAIL.
There's almost too much in this story to digest right now, so I'll be crying in the corner with the shredder if anyone needs me.