ICON plc(ICLR) Prnewswire·2025-04-03 09:45Core 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 undisclosed material losses during a specified class period [1]. Allegations Summary - ICON experienced a significant loss of business attributed to customer cost reduction measures and funding limitations affecting its client base [1]. - The company's service provision and hybrid model offerings were inadequate to mitigate the impacts of a market downturn [1]. - Requests for proposals from biotechnology customers were primarily used for price discovery rather than reflecting 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]. - The reported net new business awards and book-to-bill metrics misrepresented actual client demand for ICON's services [1]. - As a result of the above factors, ICON's performance was significantly below the 2024 revenue and EPS guidance provided during the class period, which lacked a reasonable factual basis [1]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by April 11, 2025, to participate in the case without any cost or obligation [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].