According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting ICON’s client base;
- ICON’s purported Functional Service Provision (“FSP”) and hybrid model offerings were insufficient to shield ICON from the adverse effects of a significant market downturn;
- 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;
- 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;
- ICON’s two largest customers were diversifying their clinical research organization (“CRO”) providers away from ICON;
- as a result of the above, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and
- consequently, ICON was tracking materially below the 2024 revenue and earnings per share (“EPS”) guidance issued during the Class Period and such guidance lacked a reasonable factual basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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