THE LAWSUIT: A class action securities lawsuit was filed against ICON Public Limited Company (ICLR) that seeks to recover losses of ICON shareholders who were adversely affected by alleged securities fraud between July 27, 2023 and October 23, 2024
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CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (a)ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting the Company’s client base; (b)ICON’s purported functional service provision and hybrid model offerings were insufficient to shield the Company from the adverse effects of a significant market downturn; (c) 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; (d)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; (e)ICON’s two largest customers were diversifying their clinical research organization providers away from the Company; (f)as a result of (a)-(e) above, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and (g)as a result of (a)-(f) above, ICON was tracking materially below the 2024 revenue and EPS guidance issued during the Class Period and such guidance lacked a reasonable factual basis.
WHAT’S NEXT? If you suffered a loss in ICON stock during the relevant time frame – even if you still hold your shares – go to https://zlk.com/pslra-1/icon-public-limited-company-lawsuit-submission-form?wire=18 to learn about your rights to seek a recovery. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/
