Chipotle shares drop after SEC joins hiring investigation

May 21, 2012

Shares of Chipotle Mexican Grill dropped nearly 2 percent May 21 after the reported news of the U.S. Securities and Exchange Commission joining an investigation into the company's hiring practices. 

Shares reached as much as $393.29 Monday but dropped to $384.95. However, as of this morning, shares were at $404.95, marking a rebound for the company that launched in 1993. In 2006, Chipotle shares debuted at $22.

The SEC joins an investigation started by Homeland Security and the criminal division of the U.S. Attorney's office into the company's hiring practices of undocumented workers. Chipotle has said it will cooperate with the commission's request for information.

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Topics: Business Strategy and Profitability , Fresh Mex , Operations Management , Staffing & Training

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