Law Offices of Frank R. Cruz Encourages ICON plc (ICLR) Investors To Inquire About Securities Fraud Class Action

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased ICON plc (“ICON” or the “Company”) (NASDAQ: ICLR) ordinary shares between July 27, 2023 and October 23, 2024, inclusive (the “Class Period”). ICON investors have until April 11, 2025 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR ICON INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.

You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at [e-mail], by telephone at [phone], or visit our website at www.frankcruzlaw.com.

What Happened?

On October 23, 2024, ICON released its third quarter 2024 financial results, missing consensus estimates by more than $100 million and revealing that several leading indicators of customer demand had materially deteriorated during the quarter. The Company further revealed that many clients had delayed or reduced ongoing studies, cancelled trial work, and/or delayed business awards for future engagements above historical norms. As a result, ICON cut its annual revenue guidance for fiscal 2024 by $220 million at the midpoint.

On this news, ICON’s stock price fell $59.03, or 21%, to close at $221.73 per share on October 24, 2024, thereby injuring investors.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that 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; (2) that ICON’s purported FSP and hybrid model offerings were insufficient to shield the Company from the adverse effects of a significant market downturn; (3) that 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; (4) that 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) that ICON’s two largest customers were diversifying their CRO providers away from the Company; (6) that as a result of the foregoing, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired ICON securities during the Class Period, you may move the Court no later than April 11, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

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