Huron Consulting Group Investor Alert - Proposed Settlement in Securities Lawsuit

If you purchased securities of Huron Consulting Group (NASDAQ:HURN) between April 27, 2006 and July 31, 2009 or purchased HURN shares prior to April 2006 and continue to hold those HURN shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Huron Consulting Group
Case Name: 
Huron Consulting Group Shareholder Class Action Lawsuit 08/05/2009
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: HURN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/05/2009
Class Period Begin: 
04/27/2006
Class Period End: 
07/31/2009
Court of Filing: 
United States District Court for the Northern District of Illinois
Deadline To File for Lead: 
10/05/2009
Summary: 

A settlement in the investor lawsuit on behalf of investors who purchased securities of Huron Consulting Group, Inc. (Nasdaq:HURN) between April 27, 2006 and July 31, 2009 was proposed.

Huron Consulting Group Inc. (NASDAQ: HURN) announced that it has entered into a settlement agreement in principle with the lead plaintiffs in the pending securities class action lawsuit in the United States District Court for the Northern District of Illinois related to the restatement of its financial statements in 2009. Huron Consulting Group said the proposed settlement contains no admission of wrongdoing. But the investors alleged on behalf of all persons or entities who purchased the securities of Huron Consulting Group, Inc. (Nasdaq:HURN) between April 27, 2006 and July 31, 2009 that Huron Consulting Group and certain of its former executive officers violated federal securities laws by knowing or recklessly disregarding that their public statements between April 27, 2006 and July 31, 2009 concerning Huron Consulting’s business, operations and prospects were materially false and misleading. Huron Consulting on July 31, 2009 announced that its previously reported financial results for the fiscal years 2006, 2007 and 2008 and the first quarter of 2009 should no longer be relied upon. Huron Consulting announced that its financial statements for the fiscal years 2006, 2007, 2008, and the fiscal first quarter of 2009, will have to be restated as a result of its accounting for certain acquisition-related payments received by the sellers in connection with the sale of certain acquired businesses that were subsequently redistributed among themselves and to other select Huron employees, which under accounting rules should have been classified as non-cash compensation expenses. In the following Huron Consulting Group announced that CEO and Chairman Gary Holdren as well as CFO Gary Burge resigned.

Huron Consulting Group Inc. said the proposed settlement agreement in principle provides that the settlement class will receive total consideration of approximately $38 million, consisting of $27 million in cash, which will be funded by Huron Consulting Group’s insurance carriers, and the issuance by the Huron Consulting Group of 474,547 shares of common stock which has an aggregate value of approximately $11 million, based on the closing market price on November 24, 2010.