Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Fortrea Holdings Inc. due to allegations of misleading statements and financial misrepresentations that have negatively impacted investors [2][4]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi is encouraging investors who suffered losses in Fortrea to contact them regarding their legal rights, particularly for those who purchased securities between July 3, 2023, and February 28, 2025 [1][2]. - There is an August 1, 2025 deadline for investors to seek the role of lead plaintiff in a federal securities class action against Fortrea [2][4]. Group 2: Allegations Against Fortrea - The complaint alleges that Fortrea and its executives violated federal securities laws by making false statements and failing to disclose critical information, including overestimating revenue contributions from Pre-Spin Projects and overstating cost savings from exiting TSAs [4]. - The company's previously announced EBITDA targets for 2025 were inflated, leading to an overstatement of its business model viability and financial prospects [4]. Group 3: Stock Performance and Analyst Downgrades - On September 25, 2024, Jefferies downgraded Fortrea from buy to hold, citing weaknesses in the business model and a stock price drop of $2.73 per share (12.29%) to close at $19.48 [5]. - Following the cancellation of two scheduled conferences, Baird Equity Research downgraded Fortrea to neutral on December 6, 2024, resulting in a stock price decline of $1.90 per share (8.06%) to close at $21.67 [6]. - On March 3, 2025, Fortrea announced disappointing financial results, revealing that its revenue and adjusted EBITDA expectations for 2025 were not met, leading to a significant stock price drop of $3.47 per share (25.05%) to close at $10.38 [7].
SHAREHOLDER NOTICE: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Fortrea Holdings