BOULDER, Colo., March 28, 2009 (GLOBE NEWSWIRE) -- The Shuman Law Firm today announced that it has filed a lawsuit seeking class action status in the United States District Court for the District of Arizona on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of Insight Enterprises, Inc. ("Insight Enterprises" or the "Company") (Nasdaq:NSIT), between January 30, 2007 and February 6, 2009, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint alleges that throughout the Class Period, certain Insight Enterprises senior officers and directors knew or recklessly disregarded that their public statements concerning Insight Enterprises' business, operations and prospects were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements were false and misleading or failed to disclose or indicate the following: (1) that the Company was improperly accounting for trade credits; (2) that, as a result, the Company misstated its financial results during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (4) that the Company lacked adequate internal and financial controls; and (5) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On February 9, 2009, Insight Enterprises revealed that the Company's management and the Audit Committee of the Board of Directors had determined that Insight Enterprises would have to restate its previously reported earnings as a result of its historical accounting treatment of aged trade credits 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. On this news, shares of Insight Enterprises declined $2.85 per share, more than 48%, to close on February 9, 2009, at $3.05 per share on unusually heavy trading volume.
Subsequently, the Company further disclosed that on March 19, 2009, the Company received an informal inquiry from the Securities and Exchange Commission requesting certain documents and information relating to its historical accounting treatment of aged trade credits.
If you are a member of the proposed class, you may request that the Court appoint you as lead plaintiff of the class no later than 60 days from March 24, 2009. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.