ICON plc(US:ICLR) Prnewswireยท2025-04-08 09:45Core Viewpoint - A class action securities lawsuit has been filed against ICON Public Limited Company, alleging securities fraud that negatively impacted investors between July 27, 2023, and January 13, 2025 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that ICON concealed significant business losses due to customer cost reduction measures and funding limitations affecting its client base [2]. - It is alleged that ICON's service offerings were inadequate to mitigate the effects of a market downturn [2]. - The requests for proposals from biotechnology customers were reportedly used as price discovery tools rather than reflecting actual client demand [2]. - Customers of ICON are said to have canceled contracts, reduced engagements, and delayed clinical trial work, leading to a decline in new contracts [2]. - The two largest customers of ICON were diversifying their clinical research providers away from the company [2]. - As a result of these issues, ICON's reported business metrics misrepresented actual client demand for its services [2]. - The company was tracking significantly below its 2024 revenue and EPS guidance, which lacked a reasonable factual basis [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified period have until April 11, 2025, to request to be appointed as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no out-of-pocket costs for class members [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders over the past 20 years [4]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].