Shareholder Class Action Filed Against Huron Consulting Group, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP
Thursday , September 03, 2009 18:00ET
RADNOR, Pa., Sept. 3 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of securities of Huron Consulting Group, Inc. (Nasdaq: HURN) ("Huron" or the "Company") between April 27, 2006 and July 31, 2009 inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@btkmc.com.
The Complaint charges Huron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Huron is a consulting company formed by former partners of Arthur Andersen, LLP which claims to help clients comply with complex regulations, resolve disputes, recover from distress, leverage technology, and stimulate growth. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that since 2006, the Company had improperly accounted for earn-out payments made in connection with four acquisitions; (2) that as a result, the Company had overstated its net income and earnings per share for the affected periods, and had understated its non-cash compensation expenses; (3) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's financial statements were false and misleading at all relevant times.
On July 31, 2009, the Company shocked investors when it announced that it would restate its financial results for fiscal years 2006 through 2008 and the first three months of 2009 due to the Company's failure to properly account for certain payments made in connection with four acquisitions. These payments were received by the sellers in connection with the sale of certain acquired businesses that were subsequently redistributed among themselves and to other select Huron employees. Under the accounting rules, these payments should have been classified as non-cash compensation expenses.
Upon the release of this news, the Company's shares declined $30.66 per share, or 69.13 percent, to close on August 3, 2009 (the next trading day) at $13.69 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit www.btkmc.com.
If you are a member of the class described above, you may, not later than October 5, 2009, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP
Darren J. Check, Esq.
David M. Promisloff, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@btkmc.com
SOURCE Barroway Topaz Kessler Meltzer & Check, LLP
