NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action on behalf of purchasers of ordinary shares of ICON plc (NASDAQ: ICLR) between July 27, 2023 and October 23, 2024, inclusive (the “Class Period”). ICON is a clinical research organization.
For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.
The Allegations: Rosen Law Firm is Investigating the Allegations that ICON plc (NASDAQ: ICLR) Misled Investors Regarding its Business Operations.
According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting ICON’s client base; (2) ICON’s purported Functional Service Provision (“FSP”) and hybrid model offerings were insufficient to shield ICON from the adverse effects of a significant market downturn; (3) the requests for proposals ICON received from its biotechnology customers during the Class Period were used in substantial part as price discovery tools, and thus were not indicative of underlying client demand; (4) ICON’s customers had canceled contracts, limited or reduced engagements, delayed clinical trial work, and/or failed to enter into new contracts with ICON for additional clinical trial work at historical rates once existing projects ended (or were scheduled to end) in 2024; (5) ICON’s two largest customers were diversifying their CRO providers away from ICON; (6) as a result of the above, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and (7) consequently, ICON was tracking materially below the 2024 revenue and EPS guidance issued during the Class Period and such guidance lacked a reasonable factual basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
What Now: You may be eligible to participate in the class action against ICON plc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by April 11, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.
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