ICON plc(ICLR) Prnewswire·2025-02-20 10:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of ICON Public Limited Company regarding a class action lawsuit due to alleged misleading statements and failures to disclose material information during a specified class period [1]. Allegations Summary - ICON is accused of suffering significant business losses due to customer cost reduction measures and funding limitations affecting its client base [1]. - The company's service offerings were deemed insufficient to mitigate the adverse effects of a market downturn [1]. - Requests for proposals from biotechnology customers were primarily used for price discovery rather than indicating actual client demand [1]. - Customers canceled contracts, reduced engagements, and delayed clinical trial work, leading to a decline in new contracts at historical rates [1]. - ICON's two largest customers began diversifying their clinical research organization providers away from the company [1]. - As a result of the above issues, ICON's reported business metrics misrepresented actual client demand for its services [1]. - Consequently, ICON was tracking significantly below its 2024 revenue and EPS guidance, which lacked a reasonable factual basis [1]. Next Steps for Shareholders - Shareholders who purchased shares during the specified class period are encouraged to register for the class action by April 11, 2025, to participate in potential recovery [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2]. Firm's Commitment - The Gross Law Firm aims to protect investors' rights and ensure companies adhere to responsible business practices, seeking recovery for losses incurred due to misleading statements [3].