SOURCE: Izard Nobel LLP

August 05, 2009 17:16 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Huron Consulting Group, Inc.

WEST HARTFORD, CT--(Marketwire - August 5, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of those who purchased the common stock of Huron Consulting Group, Inc. ("Huron" or the "Company") (NASDAQ: HURN) between April 27, 2006 and July 31, 2009 (the "Class Period").

The Complaint charges that Huron and certain of its officers and directors violated federal securities laws by issuing materially false statements regarding Huron's financial results. Specifically, the Complaint alleges that the Company misaccounted for payments made as part of acquisitions.

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 are a member of the class, you may, no later than October 5, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/huronconsulting/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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