ICON plc(ICLR) Prnewswire·2025-02-24 23:30Core Viewpoint - A securities class action lawsuit has been filed against ICON Public Limited Company for allegedly making materially false and misleading statements regarding its business operations and prospects during the Class Period from July 27, 2023, to October 23, 2024 [1] Allegations of Misconduct - The lawsuit claims that ICON suffered a material loss of business due to customer cost reduction measures and funding limitations impacting its client base [2] - ICON's hybrid model offerings were insufficient to protect the company from a significant market downturn [2] - Requests for proposals from biotechnology customers were primarily used for price discovery and did not reflect actual client demand [2] - Customers canceled contracts, reduced engagements, delayed clinical trial work, and failed to enter into new contracts at historical rates [2] - ICON's two largest customers began diversifying their providers away from the company [2] - The reported net new business awards and book-to-bill metrics misrepresented actual client demand for ICON's services [2] - Positive statements made by ICON regarding its business and prospects were misleading and lacked a reasonable basis [2] Lead Plaintiff Process - ICON investors can seek to be appointed as a lead plaintiff representative of the class by April 11, 2025, or may choose to remain absent [3] - The lead plaintiff acts on behalf of all class members and selects counsel to represent the class [3] - Participation as a lead plaintiff does not affect the ability to share in any recovery [3]