In August 2009 a Huron Consulting Group investor filed a lawsuit on behalf of all purchasers of Huron Consulting Group, Inc. (Nasdaq:HURN) stock, who purchased their shares between April 27, 2006 and July 31, 2009, against Huron Consulting Group, Inc over alleged Securities Laws violations. Shortly after the lawsuit against Huron Consulting Group long term investors in Huron Consulting Group,
Inc. (NASDAQ:HURN) filed a lawsuit in effort to hold certain current and/or former members of Huron’s board of directors and executive officers liable in connection with the alleged Securities Laws violations.
If you are a current long term investor in Huron Consulting Group (NASDAQ:HURN), you have certain options and you should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
According to a law firm current long term investors can still get actively involved in the lawsuit against certain current and/or former members of Huron’s board of directors and executive officers in effort to hold them liable in connection with the alleged Securities Laws violations. It is alleged that Huron Consulting Group, Inc between April 27, 2006 and July 31, 2009, issued materially false and misleading statements regarding its financial results and compliance with Generally Accepted Accounting Principles and as a result Huron stock traded at artificially inflated prices during April 27, 2006 and July 31, 2009, reaching a high of $83.25 per share on December 26, 2007.
On July 31, 2009, Huron announced that it would be restating its financial results from 2006 through 2008 and the first three months of 2009. As a result of the restatement, Huron expected reduce its revenue reported for the period by 48% from $120 million on an aggregate basis to $63 million. Huron Consulting Group further announced that the SEC had commenced an inquiry into its allocation of chargeable hours related to its recognition of revenue. The SEC’s inquiry was unrelated to the acquisition accounting issue. Huron Consulting Group further withdrew its 2009 earnings guidance, lowered its 2009 revenue guidance and provided preliminary second-quarter revenue below analysts’ expectations. Huron Consulting Group also announced that its chairman and Chief Executive Officer, its Chief Financial Officer and Chief Accounting Officer had all resigned. Huron Consulting Group’s stock decliened $30.66 per share to close at $13.69 per share on August 3, 2009, a 1-day decline of more than 69%. Shares of Huron Consulting Group (Public, NASDAQ:HURN) recently traded at $22.21 per share, down from $71.47 per share in 2008, and over $80 per share in 2007.
Those who are current long term investor in Huron Consulting Group (NASDAQ:HURN), you have certain options and you should contact the Shareholders Foundation.
No comments:
Post a Comment