ICON plc(ICLR) GlobeNewswire News Room·2025-04-03 17:03Core 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][3]. Summary by Relevant Sections Class Period and Allegations - The class period for the lawsuit is from July 27, 2023, to October 23, 2024 [3]. - Allegations include that ICON suffered a material loss of business due to customer cost reduction measures and funding limitations impacting its client base [3]. - It is claimed that ICON's service offerings were insufficient to mitigate the effects of a significant market downturn [3]. - Requests for proposals from biotechnology customers were reportedly used as price discovery tools rather than indicative of actual client demand [3]. - Customers canceled contracts, limited engagements, and delayed clinical trial work, failing to enter new contracts at historical rates [3]. - The two largest customers of ICON were diversifying their clinical research organization providers away from the company [3]. - As a result of these issues, ICON's reported business metrics misrepresented actual client demand [3]. - The company was tracking below the 2024 revenue and EPS guidance issued during the class period, which lacked a reasonable factual basis [3]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by April 11, 2025, to participate in potential recovery [4]. - Once registered, shareholders will receive updates throughout the lifecycle of the case [4]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].