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Case Status:    SETTLED
On or around 05/06/2011 (Date of order of final judgment)

Filing Date: August 04, 2009

According to a press release dated August 05, 2009, 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%.

On November 16, 2010, a Notification Of Docket Entry was made by the Honorable Elaine E. Bucklo granted the plaintiff Public Pension Funds' motion for appointment as lead plaintiff and approval of their choice of lead counsel was granted. The Motion for consolidation was also granted.

On January 29, 2010, a Consolidated Class Action Complaint was filed by lead plaintiffs against the defendants.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HURN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 09-CV-04734
JUDGE: Hon. Elaine E. Bucklo
DATE FILED: 08/04/2009
CLASS PERIOD START: 04/27/2006
CLASS PERIOD END: 07/31/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  2. Lionel Z. Glancy
    1801 Avenue of the Stars Suite 308, Lionel Z. Glancy, CA 90067
    310.201.9150 ·
  3. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 09-CV-04734
JUDGE: Hon. Elaine E. Bucklo
DATE FILED: 01/29/2010
CLASS PERIOD START: 04/27/2006
CLASS PERIOD END: 07/31/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Cohen Milstein Sellers & Toll PLLC (Chicago)
    190 South LaSalle Street, Suite 1705, Cohen Milstein Sellers & Toll PLLC (Chicago), IL 60603
    312.357.0370 312.357.0369 ·
  3. Cohen, Milstein, Hausfeld & Toll P.L.L.C. (Chicago)
    190 S. LaSalle Street, Suite 1705, Cohen, Milstein, Hausfeld & Toll P.L.L.C. (Chicago), IL 60603
    312.357.0370 312.357.0369 ·
  4. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
No Document Title Filing Date