BOULDER, Colo., Feb. 10, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that it is investigating potential violations of federal securities laws in connection with the proposed restatement announced by Insight Enterprises, Inc. ("Insight" or the "Company") (Nasdaq:NSIT).
On February 9, 2009, Insight announced that "management has identified errors in the way it historically accounted for certain aged trade credits generated in the ordinary course of business. Consequently, management and the Audit Committee of the Board of Directors have determined that the Company will restate previously reported earnings." Insight also disclosed that these accounting errors will date back to at least 1996 and that it expects to restate financial statements which are included in the Company's 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.
The Company also announced that the restatement of its financial statements will include a material reduction of retained earnings as of December 31, 2004, the cumulative effect of which is expected to be $50 million to $70 million, before consideration of any tax effects. Upon announcement of this and other news, Insight's stock price declined $2.75 per share, or 46%.
If you purchased Insight common stock between March 11, 2004 and February 9, 2009 and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative litigation.
Advertising Material