The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Syneos Health, Inc. who purchased common stock between September 9, 2020 and November 3, 2022.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) Syneos’s business development capabilities had been materially impaired by workforce reductions and leadership and operational changes, as well as labor force turmoil caused by the COVID-19 pandemic; (b) Syneos had struggled to integrate recent acquisitions, causing the Company to suffer from a bloated and confused organizational structure and impairing the Company’s ability to provide comprehensive or effective customer engagement across its product portfolio; (c) Syneos was suffering from acute competitive disadvantages as clinical trials moved to remote monitoring and decentralized administration, as the Company lacked the tools possessed by some of its rivals to successfully run remote and decentralized trials, such as certain data visualization and statistical modeling capabilities, and the Company had failed to adapt to changing business demands in the wake of the COVID-19 pandemic; (d) Syneos’s backlog, book-to-bill ratios, and net new business awards had been artificially inflated by more than $500 million through the inclusion of reimbursable expenses that the Company would never collect; (e) as a result of (a)-(d) above, Syneos was struggling to execute on its existing contracts and to agilely respond to its client needs, causing the Company to suffer client dissatisfaction across its client base; and (f) as a result of (a)-(e) above, Syneos was exposed to a material undisclosed risk that the Company would lose customers, be unable to grow its client base or win significant contract renewals, and cede market share to its rivals.
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 September 25, 2023 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.