The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of ICON Public Limited Company who purchased securities between July 27, 2023 and October 23, 2024.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or 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 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 11, 2025 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
