The Huron Consulting Group, is a global management consulting company offering services in healthcare, education, law, and finance. It was formed in 2002, by a core group of experienced financial and operational consultants who used equity sponsorship from investors. These consultants were led by Lake Capital Management LLC. .
The HCG headquarters is situated in Chicago, Illinois and is listed on the NASDAQ Stock Market. For the year 2012, Huron recorded revenue of US $626.0 million. Currently, they currently employ 2,283 full-time employees and have a billable clientele of 1,417. .
On 31 July 2009, Huron made an announcement to reinstate their financial statements for the fiscal years 2006, 2007 and 2008 and Q1 2009, to correct the Company's accounting for certain acquisition-related payments received by the sellers in connection with the sale of certain acquired businesses. These were subsequently redistributed among themselves and to other select Huron employees. As a result, the Audit Committee of Huron was in the opinion that the historical financial statements for these periods are no longer reliable. The restatement items are non-cash charges with an impact on net income and earnings before interest, tax, depreciation and amortization ("EBITDA ") for all restated periods, amounted to US$57 million. .
On the same day, Huron also announces the change in management, whereby its Chairman and Chief Executive Officer ("CEO "), Gary Holdren, Chief Financial Officer ("CFO "), Gary Burge and Chief Accounting Officer ("CAO "), Wayne Lipski resigned. Holdren will be replaced by James Roth as CEO and by George Massaro as chairman, while James Rojas will become the company's new CFO.
On 3 August 2009, Huron's shares sank $30.66, or 69 percent, to $13.69 due to the above incident. It was the steepest decline since the company first sold shares to the public in October 2004. The company also suffers from massive downgrading on its shares by the analyst community.