EPA Supplier’s Stock Plunges
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Computer Sciences Corp.’s stock plunged $6 to $76.375 on the New York Stock Exchange on Monday, after a report by the Environmental Protection Agency’s inspector general identified $13 million in “questionable” charges on work performed by CSC for the agency.
The report, publicized last weekend, is largely critical of EPA officials. It alleges that they have relied too heavily on CSC for services without adequate oversight. CSC supplies a range of computer services to businesses and government agencies.
CSC said Monday that it has “cooperated fully” with the report’s authors and noted that “we have not been accused of any illegal or criminal behavior.”
CSC derives about 55% of its $2 billion in annual sales from U.S. government work. The company has cut its dependence on federal work in recent years by expanding commercially and overseas.
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