Booz Allen Falls After Employee Intel Leak - Business Week
What delicious irony that a corp that specializes in "security" gets nailed by a whistle blower.
http://www.businessweek.com/news/2013-06-10/booz-allen-falls-after-employee-intel-leak-washington-mover
Booz Allen Hamilton Holding Corp. (BAH) fell the most in four months after Edward Snowden, an employee, revealed a top-secret U.S. electronic surveillance program.
Booz Allen, a government consultant majority owned by the Washington-based private-equity firm Carlyle Group LP (CG), slid as much as 5 percent in New York trading, the biggest intraday (BAH) drop since Jan. 30. Its shares declined 3.2 percent, to $17.42, at 2:42 p.m.
Snowden’s leak puts Booz Allen’s reputation at risk, and it may affect contracts in the short term if the company is found to have not protected classified information. Booz Allen, based in McLean, Virginia, relied on the federal government for 99 percent of its $5.76 billion in revenue in the year ended March 31, according to a regulatory filing. Almost a quarter of those sales came from supporting U.S. intelligence agencies.
“It strikes right at the heart of credibility and security for a company like Booz Allen,” said Scott Sobel, president of Media & Communications Strategies Inc., a public relations firm in Washington.
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