Vedder Thinking | News Victory Achieved for Huron Cofounder and Former CEO and Chairman in SEC Investigation
Vedder Price, which served as counsel for Gary Holdren, Cofounder and former Chairman and CEO of Huron Consulting Group Inc., announced that on July 19, 2012 the Securities and Exchange Commission (SEC) terminated its case against Mr. Holdren and determined not to pursue what have become known as "innocent executive" clawback claims against him in this matter. Mr. Holdren, who had not been alleged to have engaged in any wrongdoing in the SEC investigation of the July 2009 announcement by Huron of an accounting restatement, received a Wells notice for clawbacks of incentive and equity-based compensation and stock sale profits under section 304(a) of the Sarbanes-Oxley Act. The SEC has now determined not to pursue those claims.
Mr. Thomas P. Cimino, Jr., a Shareholder at Vedder Price who, along with Shareholder Mr. Junaid A. Zubairi, acted as Lead Counsel to Mr. Holdren, stated, "We are very pleased to have guided Gary through this difficult matter, and are happy the investigation has finally come to a successful conclusion without any allegations of wrongdoing having been leveled against him by the SEC. As a founder and former Chairman and CEO of Huron, Gary has always had the best interest of the company at heart, and he is gratified by this result."
"The Wells process was designed to facilitate proper charging decisions. The result reached here shows that the intentions behind the Wells process are working," commented Mr. Zubairi. Mr. Cimino and Mr. Zubairi were assisted by Vedder Price Associates William W. Thorsness, Brian W. Ledebuhr and Christopher G. Barrett. For more information on this and other securities and internal investigations matters, please contact Mr. Cimino at +1 (312) 609 7784 or Mr. Zubairi at +1 (312) 609 7720.