Contact Information: Contact: Joseph Gentile SARRAF GENTILE LLP 116 John Street, Suite 2310 New York, NY 10038 T 212.868.3610 F 212.918.7967 joseph@sarrafgentile.com www.sarrafgentile.com
Sarraf Gentile LLP Announces Lawsuit Against Huron Consulting Group, Inc.
| Source: Sarraf Gentile LLP
NEW YORK, NY--(Marketwire - August 5, 2009) - Sarraf Gentile LLP announces that on August
4, 2009, a class action lawsuit was filed against Huron Consulting Group,
Inc. (NASDAQ : HURN ) and its top officers. The complaint was filed in the
United States District Court for the Northern District of Illinois and
seeks damages for violations of the federal securities laws on behalf of
all investors who purchased Huron stock between April 27, 2006 and July 31,
2009, inclusive.
According to the complaint, defendants knew or recklessly disregarded that
their public statements concerning Huron's business, operations and
prospects were materially false and misleading. Specifically, the
complaint alleges that defendants made false or misleading statements and
failed to disclose that: (1) shareholders of four businesses that Huron
acquired between 2005-2007 redistributed portions of their
acquisition-related payments among themselves and to certain Huron
employees; (2) the company understated its non-cash compensation expenses;
(3) the company's financial statements were not prepared in accordance with
Generally Accepted Accounting Principles; (4) the company lacked adequate
internal and financial controls; and (5), as a result of the above, the
company's financial statements were materially false and misleading at all
relevant times. According to the complaint, on July 31, 2009, Huron
announced that the company's financial statements for fiscal 2006 through
the first quarter of 2009 should no longer be relied upon and will have to
be restated. In response to this news, shares of Huron declined $30.66 per
share, or 69.13%, to close at $13.69 per share, on heavy trading volume.
No class has yet been certified in the action. Until a class is certified,
you are not represented by counsel unless you retain one. Sarraf Gentile
LLP has not filed a lawsuit against the defendants.
If you are a Huron shareholder and want to discuss your legal rights, at no
cost and without obligation, please contact Joseph Gentile at Sarraf
Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
Sarraf Gentile LLP has extensive experience litigating shareholder class
actions across the United States and has recovered millions of dollars on
behalf of injured shareholders.
ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.