ICON plc(ICLR) Prnewswire·2025-02-24 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 the class period from July 27, 2023, to October 23, 2024 [1]. Allegations Summary - ICON is accused of suffering a material loss of business due to customer cost reduction measures and funding limitations impacting its client base [1]. - The company's functional service provision and hybrid model offerings were insufficient to mitigate the adverse effects of a significant market downturn [1]. - Requests for proposals from biotechnology customers were primarily used as price discovery tools, not indicative of actual client demand [1]. - Customers canceled contracts, limited engagements, delayed clinical trial work, and failed to enter into new contracts at historical rates [1]. - ICON's two largest customers were diversifying their clinical research organization providers away from the company [1]. - As a result of the above factors, ICON's reported net new business awards and book-to-bill metrics misrepresented client demand for its services [1]. - Consequently, ICON was tracking materially below the 2024 revenue and EPS guidance issued during the class period, which lacked a reasonable factual basis [1]. Next Steps for Shareholders - Shareholders who purchased shares of ICLR during the specified timeframe are encouraged to register for the class action by April 11, 2025, to potentially be appointed as lead plaintiffs [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive status updates throughout the case lifecycle [2]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors who have suffered due to deceit, fraud, and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements or omissions that led to stock inflation [3].