Parexel saw shares drop 4.3% after releasing information on the embezzlement of corporate funds at one of the company’s international operations in an SEC filing.
The company said that on the 29th it received a report of an incident of misappropriation of corporate funds and that it is reviewing the matter, and therefor unable to file its 2016 Form 10-K by its set date.
Parexel said that it “does not believe the amount of funds misappropriated to be material, but there can be no assurance in this regard until the company completes its review,” according to an SEC filing.
The company said it anticipates it will be able to complete its 10-K form within 15 days.
Shares dropped from an opening of $69.50 to $68.03 on the 31st, a day after the SEC filing was posted.