CORRECTED - CORRECTED-UPDATE 1-Huron sells a service line, cuts FY revenue v
(Corrects last paragraph to say that the stock closed on Nasdaq, not New York Stock Exchange)
* Sells Disputes & Investigation practice to Grant Thornton
* Sale on undisclosed terms
* Says clients delaying projects
Oct 4 (Reuters) - Huron Consulting Group Inc (HURN.O) sold its Disputes and Investigation business to Grant Thornton LLP at undisclosed terms and cut its 2010 revenue outlook to account for the sale and certain project delays in other segments.
The Disputes and Investigation (D&I) practice, which has been with the company since its formation in 2002, was part of Huron's financial consulting segment and accounted for 5 percent of the advisory firm's overall revenue.
"The divestiture of the D&I practice would enable management to devote more of its energies and financial resources to businesses where we have a more substantial market presence," Chief Executive James Roth said in a statement.
About 60 people, including 7 managing directors, who worked at the company's D&I practice, will join Grant Thornton's economic and advisory services practice, while some will leave Huron.
Talking about project delays, CEO Roth said, "While some clients may be delaying decisions, our pipeline is the strongest we have seen over the past year, and we are confident that our three segments are on track for solid growth into 2011."
For 2010, the Chicago-based company now expects revenue to be $540-$550 million, down from its prior view of $600-$620 million.
Shares of Huron closed at $22.53 on Friday on Nasdaq. The stock has gained 23 percent in value in the last 40 days. (Reporting by Sweta Singh in Bangalore; Editing by Gopakumar Warrier)
- Three dead, two wounded in Pasadena, California shootings
- Israeli commandos clash with Hamas militants on Day 6 of Gaza offensive |
- Teen survivor of Texas shootings says slain family members 'in much better place'
- Rape and murder of 13-year-old spark debate in junta-ruled Thailand
- Israeli commandos clash with Hamas gunmen in Gaza raid