Contact Information: Contacts: Peretz Bronstein Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Insight Enterprises, Inc.
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - April 1, 2009) - Bronstein, Gewirtz and Grossman, LLC announces
that a class action lawsuit has been filed in the United States District
Court for the District of Arizona on behalf of those who purchased or
otherwise acquired the securities of Insight Enterprises, Inc. ("Insight
Enterprises" or the "Company") (NASDAQ : NSIT ) during the period from
January 30, 2007 through and including February 6, 2009 (the "Class
Period").
The Complaint charges Insight Enterprises and certain of the Company's
current and former executive officers with violations of federal securities
laws. On February 9, 2009, Insight Enterprises shocked the market when it
revealed that the Company's management and Audit Committee had determined
that Insight Enterprises would have to restate previously reported earnings
as a result of it historical accounting treatment of aged trade credits.
Insight announced that it expected to restate financial statement included
in the Company's most recently filed form 10-k for the year ended December
31, 2007, form 10-Q for the first three quarters of fiscal year 2008, and
incur a charge to retained earnings of $50 to $70 million. On this news,
shares of the Company declined $2.85 per share, more than 48% to close on
February 9, 2009 at $3.05 per share, on unusually heavy call volume.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number. May 26, 2009 is the deadline for investors to seek a
lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other investor
plaintiffs in class action security litigation, the firm's expertise
includes general corporate work, private securities offerings, and
securities arbitration.