McGraw-Hill (MHP) Punished for Second Day in Row on DoJ Civil Suit
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Shares of McGraw-Hill (NYSE: MHP) are lower for the second day in a row Tuesday after the U.S. Justice Department (DoJ)filed a civil suit against the company, accusing it and its Standard & Poor's rating agency of fraud. The company's two-day declined now totals about $11.50 per share or about 20 percent, representing billions in market cap. Reports today say a number of state attorney general's, including New York State Attorney General Eric Schneiderman, will join the federal government's lawsuit.
The DoJ was seeking in excess of $1 billion in fines and at least one admission of wrongdoing.
Shares of McGraw-Hill last traded at $46.25, down 8%.
Rival Moody's Corp. (NYSE: MCO) is also continuing lower, although not as much. Shares of Moody's last traded down 4.6 percent after Monday's 10.7 percent slide. Moody's has not been mentioned in litigation although there is speculation it could be the next target.
The DoJ was seeking in excess of $1 billion in fines and at least one admission of wrongdoing.
Shares of McGraw-Hill last traded at $46.25, down 8%.
Rival Moody's Corp. (NYSE: MCO) is also continuing lower, although not as much. Shares of Moody's last traded down 4.6 percent after Monday's 10.7 percent slide. Moody's has not been mentioned in litigation although there is speculation it could be the next target.
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