SAP stock falls on report of U.S. probe

By Steve Goldstein

SAP shares slumped on Wednesday after a report it's the target of a probe into whether the German multinational business software and other companies overcharged U.S. government agencies.

Bloomberg News, citing documents in a Baltimore court, said SAP, Carahsoft Technology and Accenture are among the companies being accused of overcharging the U.S. military and other parts of the government.

Carahsoft, a product reseller, was raided by FBI agents and military investigators on Tuesday, the report said. SAP declined to comment while Accenture said it was cooperating with the Justice Department, Bloomberg reported.

The report said the probe concerns the sales of more than $2 billion worth of SAP technology.

SAP shares (XE:SAP) (SAP) fell 3% in Frankfurt, making it at one point the worst-performing of the Stoxx Europe 600 companies.

Accenture (ACN) fell 0.5% in premarket trade.

-Steve Goldstein

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09-25-24 0433ET

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