ICON plc(ICLR) GlobeNewswire News Room·2025-03-02 20:10Core 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 financial health during the Class Period from July 27, 2023, to October 23, 2024 [1]. Group 1: Allegations Against ICON - The lawsuit claims that ICON suffered a material loss of business due to customer cost reduction measures and funding limitations impacting its client base [3]. - It is alleged that ICON's hybrid model offerings were inadequate to protect the company from a significant market downturn [3]. - The requests for proposals from biotechnology customers were reportedly used as price discovery tools rather than indicative of actual client demand [3]. - Customers of ICON canceled contracts, limited engagements, delayed clinical trial work, and failed to enter into new contracts at historical rates [3]. - The two largest customers of ICON were diversifying their providers away from the company [3]. - As a result of these issues, ICON's reported net new business awards and book-to-bill metrics misrepresented actual client demand for its services [3]. - The positive statements made by ICON regarding its business and prospects were claimed to be materially misleading and lacked a reasonable basis [3]. Group 2: Legal Process and Participation - Investors in ICON have until April 11, 2025, to seek appointment as a lead plaintiff representative of the class or may choose to remain absent [4]. - A lead plaintiff acts on behalf of all class members and is typically the investor or group of investors with the largest financial interest [4]. - The decision to serve as a lead plaintiff does not affect an investor's ability to share in any recovery from the lawsuit [4].