Concur's share price fell nearly 20 percent Friday after Barry Minkow, co-founder of the Fraud Discovery Institute, revealed that Concur chairman and CEO Steve Singh
for nine years had indicated in Concur's regulatory filings that he had a bachelor of science degree in engineering from the University of Michigan, even though he did not.
The discrepancy was corrected in 2007 and acknowledged by Singh in a statement published by Bloomberg
: "I deeply regret the mistake," according to Singh's prepared statement. Singh attended the school between 1979 and 1983, but, "No degree was awarded," according to a university spokeswoman quoted by Bloomberg
. "Singh himself corrected the error and no announcement was made," according to the report. "No disciplinary action was taken against him."