CHICAGO, Aug. 12, 2009 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro filed a class action lawsuit in the United States District Court for the Northern District of Illinois against Huron Consulting Group, Inc. (Nasdaq:HURN), claiming the company and executives violated federal securities laws by issuing false financial statements, misleading investors and by sharing inaccurate financial statements with the public and Securities and Exchange Commission (SEC).
The lawsuit seeks to represent all shareholders who purchased Huron shares between April 27, 2006 and July 31, 2009.
The suit alleges that the company and executives made false and misleading statements to investors, causing stock to trade at artificially inflated prices. The company's financial statements did not comply with GAAP rules and failed to present an accurate assessment of Huron's operations due to improper accounting and false disclosure of revenues, the suit claims.
Specifically, the suit claims the company wrongly accounted for payments made as part of acquisitions.
The suit alleges Huron shocked investors on July 31 when it announced the company's financial statements for fiscal years 2006, 2007, 2008 and the first quarter of 2009 were unreliable and would be restated due to accounting errors. In the same announcement, the company announced the CEO, CFO and CAO had resigned because of the accounting scandal.
Huron shares declined precipitously upon the announcement, falling $30.66 to $13.69 per share -- a 69 percent drop on exceptionally heavy trading volume.
If you invested in Huron stock between April 27, 2006 and July 31, 2009, you can join this lawsuit. Please contact plaintiff's counsel by visiting www.hbsslaw.com/huron, calling (708) 776-5600 or e-mailing huron@hbsslaw.com.
If you wish to serve as a lead plaintiff, you must move the Court no later than 60 days from August 4, 2009.
About Hagens Berman Sobol Shapiro
Hagens Berman Sobol Shapiro is a Seattle-based shareholder-rights law firm with offices in Chicago, Cambridge, Los Angeles, Phoenix and San Francisco. Since 1993, HBSS has recovered hundreds of millions of dollars for institutional and individual investors defrauded by unscrupulous management of publicly held corporations through tenacious legal representation.