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Booz Allen Hammered Amid Cost Accounting, Cost Charges Practices Investigation

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Booz Allen Hamilton Holding Corporation (NYSE: BAH) shares are trading lower by $7.62 (19 percent) at $31.71 in Friday's session.

The management and technology consulting services firm to the U.S. government and large corporations is being investigated for possible cost accounting and cost charges violations.

That has spooked investors that are now rushing to exit the stock. After a much lower open ($32.94 vs. Thursday's close of $39.33), it managed only a 6-cent bounce to $33.00 before continuing its move lower.

So far, the ensuing decline has taken the stock to $31.33 and it's now trying reenter the $32.00 handle. That marks the lowest level for the stock since it made a pair of lows at the $31.00 area in early November.

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