MINNEAPOLIS, Aug. 12, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Huron Consulting Group, Inc. ("Huron" or the "Company") (Nasdaq:HURN) publicly traded securities during the period April 27, 2006 through July 31, 2009 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 5, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Huron and certain of its officers and directors made false statements concerning Huron's financial performance and its compliance with General Accepted Accounting Principles. Specifically, Huron misaccounted for payments made as part of acquisitions. Because the Defendants deceived the public by overstating Huron's income and business prospects, the Company's stock traded at artificially inflated prices.
On July 31, 2009, Huron announced that it would restate its financial results from 2006 through 2008 and the first three months of 2009 due to its failure to properly account for earn-out payments made in connection with four of its acquisitions. As a result, Huron expected to dramatically reduce its revenue reported for the period: by 48%, from $120 million on an aggregate basis to $63 million. Huron further announced that the SEC had commenced an inquiry into the Company's allocation of chargeable hours related to its recognition of revenue. On this news, Huron's stock fell $30.66 per share to close at $13.69 per share on August 3, 2009, a decline of approximately 69%.
If you purchased Huron Consulting Group, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685