Navigant (NCI) Tumbles as Billing Practices Called into Question
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Navigant Consulting Inc. (NYSE: NCI) stock tumbled on Tuesday after New York City Comptroller John Liu said he would audit the company's billing practices. The negative headline prompted an analyst downgrade at Craig-Hallum and sent shares 9% lower.
New York paid Navigant millions for consulting work related to Long Island Power Authority. A panel dubbed the Moreland Commission on Utility Storm Preparation and Response flagged "highly questionable billing issues, reimbursements for exorbitant and non-work related expenses, and a disturbing revolving door practice between Navigant and LIPA staff that could breach state ethics law."
In response, the company said, "Navigant and our professionals adhere to the highest industry standards of ethics and integrity. We were not aware of the claims in the Moreland Commission report until it was publicly released. We take the questions raised by the commission in its report very seriously and are closely reviewing the facts related to each question in detail. We will cooperate fully with authorities seeking any further information."
New York paid Navigant millions for consulting work related to Long Island Power Authority. A panel dubbed the Moreland Commission on Utility Storm Preparation and Response flagged "highly questionable billing issues, reimbursements for exorbitant and non-work related expenses, and a disturbing revolving door practice between Navigant and LIPA staff that could breach state ethics law."
In response, the company said, "Navigant and our professionals adhere to the highest industry standards of ethics and integrity. We were not aware of the claims in the Moreland Commission report until it was publicly released. We take the questions raised by the commission in its report very seriously and are closely reviewing the facts related to each question in detail. We will cooperate fully with authorities seeking any further information."
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