Join the mailing list Printer-friendly version

COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP FILES CLASS ACTION SUIT AGAINST HURON CONSULTING GROUP INC.

August 5, 2009 – Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/huron/) today announced 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”) (NASDAQ:HURN) common stock during the period between April 27, 2006 and July 31, 2009 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from August 4, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/huron/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Huron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Huron is a provider of financial and legal consulting services. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial results and compliance with Generally Accepted Accounting Principles. Specifically, the Company misaccounted for payments made as part of acquisitions. As a result of defendants’ false and misleading statements, Huron stock traded at artificially inflated prices during the Class Period, reaching a high of $83.25 per share on December 26, 2007.

Then 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 due to its failure to properly account for earn-out payments made in connection with four of its acquisitions. As a result of the restatement, Huron expected to dramatically reduce its revenue reported for the period by 48% from $120 million on an aggregate basis to $63 million. The Company further announced that the SEC had commenced an inquiry into the Company’s allocation of chargeable hours related to its recognition of revenue. The SEC’s inquiry was unrelated to the acquisition accounting issue. Huron further withdrew its 2009 earnings guidance, lowered its 2009 revenue guidance and provided preliminary second-quarter revenue below analysts’ expectations. Finally, Huron announced that its chairman and Chief Executive Officer, its Chief Financial Officer and Chief Accounting Officer had all resigned. On this news, Huron’s stock collapsed $30.66 per share to close at $13.69 per share on August 3, 2009, a 1-day decline of more than 69%.

Plaintiff seeks to recover damages on behalf of all purchasers of Huron common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.