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Insight Enterprises Inc (NASDAQ: NSIT) Investor Securities Class Action Lawsuit 03/24/2009

  • If you purchased shares of Insight Enterprises Inc (NASDAQ: NSIT), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Insight Enterprises, Inc.
Security
NASDAQ: NSIT

Case Name
Insight Enterprises Shareholder Class Action Lawsuit 03/24/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Arizona

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 12, 2009 - The plaintiff of the first complaint filed a notice of voluntary dismissal.
May 26, 2009 - Lead plaintiff motions were filed.

April 23, 2009 - Another investor filed a complaint on behalf of investors who purchased Insight Enterprises Inc (NASDAQ: NSIT) common shares between April 22, 2004 and February 6, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 22, 2004 and February 6, 2009.

April 9, 2009 - Another investor filed a complaint on behalf of investors who purchased Insight Enterprises Inc (NASDAQ: NSIT) common shares between April 22, 2004 and February 6, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 22, 2004 and February 6, 2009.

March 24, 2009 - An investor in shares of Insight Enterprises Inc (NASDAQ: NSIT) filed a lawsuit in the U.S. District Court for the District of Arizona against Insight Enterprises Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 30, 2007 and February 6, 2009.

According to the complaint the plaintiff alleges that Insight Enterprises Inc and certain of its current and former executive officers violated federal securities laws by knowing or disregarding between January 30, 2007 and February 6, 2009 that their public statements concerning Insight Enterprises Inc’s business, operations and prospects were materially false and misleading. On February 9, 2009, Insight Enterprises Inc revealed its management and the Audit Committee of the Board of Directors had determined that Insight Enterprises Inc would have to restate its previously reported earnings as a result of its historical accounting treatment of aged trade credits. Insight Enterprises Inc further disclosed that the restatement pertained to the release of certain aged trade credits from its balance sheet to its statement of earnings prior to the complete release of the underlying liabilities under applicable legal requirements. Insight Enterprises Inc announced that it expects to restate financial statements included in the its most recently filed Annual Report on Form 10-K, for the year ended December 31, 2007, and in the Quarterly Reports on Form 10-Q for the first three quarters of fiscal year 2008 and on this news, shares of Insight Enterprises Inc (NASDAQ: NSIT) declined $2.85 per share, more than 48%, to close on February 9, 2009, at $3.05 per share on unusually heavy trading volume, so the lawsuit.