NEW YORK, Aug. 3, 2009 (GLOBE NEWSWIRE) -- Roy Jacobs & Associates announces that it is investigating possible claims for the violation of the federal securities laws on behalf of purchasers of the common stock of Huron Consulting Group, Inc. ("Huron" or the "Company") (Nasdaq:HURN) during the period from January 1, 2006 through July 31, 2009.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com.
On July 31, 2009, Huron announced that it would restate its financial reports for the 2006, 2007 and 2008 fiscal years and the first quarter of 2009, slashing its profits by almost half, after the Company's audit committee discovered that shareholders of four businesses that Huron acquired between 2005-2007 had diverted portions of their acquisition-related payments to themselves and to certain Huron employees. According to the Company, these payments are required to be classified as non-cash compensation expenses under U.S. accounting rules. The Company also announced that, as a result, its Chief Executive Officer and Chief Financial Officer have resigned.
When this news was revealed, Huron shares plummeted more than 57 percent in after-hours trading on July 31, 2009, dropping from the closing price of $44.35 to less than $19 per share, and have continued to decline in trading on August 3, 2009. The restatements are expected to reduce earnings by $57 million across the affected periods.
If you purchased Huron common stock: (i) during the period from January 1, 2006 through July 31, 2009, have suffered a loss, whether or not you still hold you shares and/or (ii) during the 2006-2008 period and still hold your shares, and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.