SAN DIEGO, Feb. 26, 2025 /PRNewswire/ — Robbins LLP reminds stockholders that a class action was filed on behalf of all purchasers of ICON PLC (NASDAQ: ICLR) ordinary shares between July 27, 2023 and October 23, 2024. ICON is a clinical research organization (CRO).
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The Allegations: Robbins LLP is Investigating Allegations that ICON PLC (ICLR) Misled Investors Regarding Demand
According to the complaint, during the class period, defendants failed to disclose 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 FSP and hybrid model offerings were insufficient to shield the Company from the adverse effects of a significant market downturn; (c) the RFPs 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 CRO 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) that 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.
When the truth was revealed, the price of ICON stock dropped significantly, harming investors.
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 papers 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 Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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SOURCE Robbins LLP