* CEO resigns
* Shares halve in value
July 31 (Reuters) - Huron Consulting Group Inc said it would restate results for certain periods to correct its accounting for some acquisition-related payments and its chief executive resigned, sending its shares down 55 percent.
Huron said the selling shareholders of certain acquired businesses redistributed portions of their acquisition-related payments to certain company employees.
The selling shareholders also redistributed portions of their acquisition-related payments among themselves in amounts that were not consistent with their ownership percentages, it said.
The consulting-services company said it was conducting a separate inquiry, in response to an inquiry from the Securities and Exchange Commission, into the allocation of chargeable hours.
Shares of company were down $24.45 at $19.90 in trading after the bell. They closed at $44.35 Friday on Nasdaq.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Vinu Pilakkott) Keywords: HURON/ (antonita.madonna@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: antonita.madonna.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Shares halve in value
July 31 (Reuters) - Huron Consulting Group Inc said it would restate results for certain periods to correct its accounting for some acquisition-related payments and its chief executive resigned, sending its shares down 55 percent.
Huron said the selling shareholders of certain acquired businesses redistributed portions of their acquisition-related payments to certain company employees.
The selling shareholders also redistributed portions of their acquisition-related payments among themselves in amounts that were not consistent with their ownership percentages, it said.
The consulting-services company said it was conducting a separate inquiry, in response to an inquiry from the Securities and Exchange Commission, into the allocation of chargeable hours.
Shares of company were down $24.45 at $19.90 in trading after the bell. They closed at $44.35 Friday on Nasdaq.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Vinu Pilakkott) Keywords: HURON/ (antonita.madonna@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: antonita.madonna.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.