Key Developments: Huron Consulting Group Inc (HURN.OQ)
43.81USD
17 May 2013
$0.74 (+1.72%)
$43.07
$43.30
$43.91
$43.18
53,221
34,165
$43.91
$28.53
Latest Key Developments (Source: Significant Developments)
Harwood Feffer LLP Announces Investigation of Huron Consulting Group, Inc.
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Huron Consulting Group, Inc. concerning whether the board has breached its fiduciary duties to shareholders. Huron has allegedly submitted questionable reimbursement claims for services that did not conform with Medicare and Medicaid regulations. As a result of the allegations, Huron may have reported net sales and accounts receivable that were artificially inflated because they included proceeds of the Medicare/Medicaid fraud. According to a federal whistleblower lawsuit, Huron actually kept a second set of books for the purpose of tracking the fraud. Due to these activities, Huron is named as a defendant in a whistleblower lawsuit, exposing the company to over $100 million in potential costs to settle the allegations. Our investigation concerns whether the Huron board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Robbins Umeda LLP Announces Investigation Of Huron Consulting Group, Inc
Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Huron Consulting Group Inc. Robbins Umeda LLP's investigation focuses on whether members of the board of directors at Huron breached their fiduciary duties to shareholders by engaging in a scheme to defraud the federal Medicare program and New York state Medicaid program. In particular, Huron has allegedly submitted reimbursement claims for services that did not conform with Medicare and Medicaid regulations. Robbins Umeda LLP is also investigating whether the officers and directors of the Company not only exposed Huron to significant liability, but also falsely represented that Huron was operating in compliance with all applicable laws and regulations to the investing public. As a result of these allegations, the officers and directors may have caused Huron to report net sales and accounts receivable that were artificially inflated as they included proceeds of the Medicare/Medicaid fraud. In fact, according to a federal whistleblower lawsuit that recently defeated a motion to dismiss, Huron even kept a second set of books that kept track of the fraud. As a result of these activities, Huron is named as a defendant in a whistleblower lawsuit, exposing the Company to over $100 million in potential costs to settle allegations of wrongdoing involving continued Medicare and Medicaid fraud. Full Article
Faruqi & Faruqi, LLP Announces Investigation of Huron Consulting Group, Inc.
Faruqi & Faruqi, LLP announced that it is investigating potential wrongdoing at Huron Consulting Group, Inc. (Huron or the Company). The investigation focuses on possible breaches of fiduciary duties by the board of directors and/or officers of the Company in connection with violations of the False Claims Act. Specifically, the investigation concerns possible breaches of fiduciary duties by the Company's officers and directors in connection with overbilling Medicare and Medicaid by $50 million while running St. Vincent Catholic Medical Centers. It is alleged that after Huron took control of the hospitals, it authorized tens of millions of dollars in bogus outlier claims -- supplemental reimbursements offered by Medicare and Medicaid to protect hospitals that provide unusually expensive inpatient treatment -- and even kept track of the fraud in a second set of books. Full Article
Huron Consulting Group Issues FY 2012 Guidance Above Analysts' Estimates
Huron Consulting Group announced that for fiscal 2012, it expects revenue in a range of $620.0 million to $660.0 million, EBITDA in a range of $103.0 million to $113.0 million, Adjusted EBITDA in a range of $113.5 million to $123.5 million, GAAP diluted earnings per share (EPS) in a range of $1.80 to $2.05, and non-GAAP adjusted diluted EPS in a range of $2.25 to $2.50. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $610 million, EBITDA of $103 million and EPS of $1.47 for fiscal 2012. Full Article
Huron Consulting Group's Click Portal Software To Expedite Financial Disclosures For Cincinnati Children’s Hospital Medical Center
Huron Consulting Group announced that Cincinnati Children’s Hospital Medical Center (CCHMC) has selected its Click Portal software to automate financial disclosures required for all research within the institution. The software will be implemented before the new U.S. Department of Health and Human Services (HHS) rules on conflict of interest (COI) go into effect in August 2012, and will also be fully integrated with CCHMC’s existing Click-based grants management and Institutional Review Board (IRB) systems. The new HHS rules cover areas ranging from reporting thresholds to public disclosures to creating and tracking COI management plans. An automated system greatly simplifies meeting the new compliance requirements by eliminating the repetitive tasks associated with paper-based systems. CCHMC is currently using the Click Portal software for grant proposal submissions, award management, and IRB collaboration and review. The COI system will be able to pull needed data from these other applications, thereby making it easier to complete disclosures and ensure compliance. Full Article
Huron Consulting Group Secures Contract
Huron Consulting Group announced that Wake Forest Baptist Medical Center has selected its Click Portal software to automate clinical trials business processes, including budgeting, sponsor billing, participant tracking, and reporting. The new software will be fully integrated with Wake Forest Baptist`s existing Click-based electronic Institutional Review Board (eIRB) and Institutional Animal Care and Use Committee (eIACUC) solutions, as well as other business systems across the institution. Full Article
Huron Consulting Group Lowers FY 2011 Guidance
Huron Consulting Group announced that for fiscal 2011, it anticipates revenues before reimbursable expenses in a range of $590.0 million to $600.0 million, EBITDA in a range of $75.6 million to $80.1 million, adjusted EBITDA in a range of $105.5 million to $110.0 million, GAAP diluted earnings per share in a range of $1.00 to $1.10, and non-GAAP adjusted diluted earnings per share in a range of $2.05 to $2.15. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $616 million for fiscal 2011. Full Article
Huron Consulting Group's Click Portal Software To Automate Material Transfer Agreements For The University of California, San Diego
Huron Consulting Group announced that the University of California, San Diego (UC San Diego), has selected its Click Portal software to automate material transfer agreement (MTA) processing throughout the university. Utilizing the Click Portal software, UC San Diego will track and process thousands of agreements involving inbound and outbound research material transfers ranging from devices to DNA samples and biohazardous agents. The system will enable researchers, staff, and transfer analysts to track materials more easily and accurately as they pass from one laboratory or institution to another. Full Article
VA Pittsburgh Automates Research Compliance Processes Utilizing Huron Consulting Group's Click Portal Software
Huron Consulting Group announced that the VA Pittsburgh Healthcare System has deployed its Click Portal software to fully automate Institutional Review Board (IRB) processes. The Click software solution enables VA Pittsburgh to accelerate and improve the creation, submission, review, approval, monitoring and reporting of human studies research projects at the organization’s three campuses. Full Article
Huron Consulting Group Raises FY 2011 Earnings Guidance; Raises Low End Of Prior FY 2011 Revenue Guidance To A Range In Line With Analysts' Estimates
Huron Consulting Group narrowed guidance for fiscal 2011, including revenues before reimbursable expenses, to a range of $600.0 million to $620.0 million. The Company also anticipates EBITDA in a range of $97.5 million to $103.5 million, Adjusted EBITDA in a range of $105.5 million to $111.5 million, GAAP diluted earnings per share in a range of $1.60 to $1.75, and non-GAAP adjusted diluted earnings per share in a range of $2.05 to $2.20. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $98.1 million, EPS of $1.56 on revenues of $603.8 million for fiscal 2011. Full Article
Huron wins dismissal of whistleblower lawsuit
NEW YORK - Huron Consulting Group Inc won the dismissal Tuesday of a whistleblower lawsuit accusing it of causing a New York hospital to receive more than $30 million in inflated payments under the Medicare and Medicaid programs.
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