SOURCE: Sarraf Gentile LLP

August 05, 2009 10:54 ET

Sarraf Gentile LLP Announces Lawsuit Against Huron Consulting Group, Inc.

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.

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