A Huron Consulting Group investor filed in August 2009 a lawsuit on behalf of investors of HURN stock, who purchased their shares between April 27, 2006 and July 31, 2009, against Huron Consulting Group, Inc over alleged Securities Laws violations. Meanwhile an investigation on behalf of current long term investors in Huron Consulting Group, Inc. (NASDAQ:HURN) shares over possible breaches of fiduciary duties continues.

The investigation by a law firm on behalf of current long term investors in Huron Consulting Group (NASDAQ:HURN) concerns whether certain current and/or former members of Hurons board of directors and executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit by investors who purchased HURN stock between April 27, 2006 and July 31, 2009. Those investors allege that Huron Consulting Group, Inc between April 27, 2006 and July 31, 2009, issued materially false and misleading statements regarding its financial results and compliance with Generally Accepted Accounting Principles and as a result Huron stock traded at artificially inflated prices during April 27, 2006 and July 31, 2009, reaching a high of $83.25 per share on December 26, 2007.
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. As a result of the restatement, Huron expected reduce its revenue reported for the period by 48% from $120 million on an aggregate basis to $63 million. Huron Consulting Group further announced that the SEC had commenced an inquiry into its allocation of chargeable hours related to its recognition of revenue. The SECs inquiry was unrelated to the acquisition accounting issue. Huron Consulting Group further withdrew its 2009 earnings guidance, lowered its 2009 revenue guidance and provided preliminary second-quarter revenue below analysts expectations. Huron Consulting Group also announced that its chairman and Chief Executive Officer, its Chief Financial Officer and Chief Accounting Officer had all resigned. Huron Consulting Groups stock declined $30.66 per share to close at $13.69 per share on August 3, 2009, a 1-day decline of more than 69%. Shares of Huron Consulting Group (NASDAQ:HURN) recently traded at $22.17 per share, down from $71.47 per share in 2008, and over $80 per share in 2007.
Huron Consultling Groups 12 month Total Revenue went from $321.92million in 2006 to $679.54million in 2009, but while its Total Revenue increased its Net Income decreased from a Net Income of $22.86million in 2006 to a Net Loss of $42.45million in 2009.