* Insurers to shell out $27 mln, co to pay rest in stock
* Says to take $11 mln non-cash charge in Q4
Dec 6 Huron Consulting Group Inc (HURN.O) said
it agreed to settle a securities lawsuit for $38 million and
expects to take a related non-cash charge of about $11 million
in the fourth quarter.
The proposed settlement with the lead complainant does not
contain any of admission of wrongdoing, the company said.
The class action lawsuit relates to Huron's restatement in
Huron, which competes with companies like FTI Consulting
Inc (FCN.N) and Navigant Consulting Inc (NCI.N), was in the
news last July for a major accounting scandal, forcing its top
management to quit the firm.
Huron also had to restate earnings of past years because of
misreported costs related to acquisitions.
The settlement includes $27 million in cash to be funded by
Huron's insurance carriers and the issuance of 474,547 Huron
common shares worth about $11 million.
Huron, founded by two-dozen partners from the collapsed
accounting firm Arthur Andersen in 2002, will issue the shares
following court approvals, which it expects in the first half
Shares of the Chicago-based company closed up 7 percent at
$25.66 on Monday on Nasdaq.
(Reporting by Sweta Singh in Bangalore; Editing by Gopakumar