Ken Griffin's Citadel Shows 5.7% Stake in Huron Consulting (HURN)
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In a Schedule 13G on Huron Consulting Group (Nasdaq: HURN) filed before the market opened this morning, Ken Griffin's Citadel disclosed a 5.7% stake (1,222,891 shares) in the company. As of the quarter ended June 30, 2009, Citadel did not show a stake in Huron. A 13G indicates a 'passive investment'.
Griffin's stake makes Citadel the second largest holder of Huron Consulting.
Shares of Huron Consulting are up nearly 2% today, most likely on the news of Griffin's investment.
The stock was slammed, to say the least, on August 3 after the company announced that it would need to restate its financial statements for 2006 through the first quarter of 2009 due to accounting problems. Also on this day, Huron's then-Chairman and CEO, Gary Holdren, announced his resignation following the bookkeeping blunder. As news spread over the weekend (the announcement was made on Friday after the close), numerous analysts reacted, downgrading the stock and further adding to the negative market sentiment.
Huron Consulting Group Inc. provides consulting services in the United States.
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