Deadline Alert: ICON plc (ICLR) Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit

/EIN News/ -- LOS ANGELES, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming April 11, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired ICON plc (“ICON” or the “Company”) (NASDAQ: ICLR) ordinary shares between July 27, 2023 and October 23, 2024, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR ICON INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On October 23, 2024, ICON released its third quarter 2024 financial results, missing consensus estimates by more than $100 million and revealing that several leading indicators of customer demand had materially deteriorated during the quarter. The Company further revealed that many clients had delayed or reduced ongoing studies, cancelled trial work, and/or delayed business awards for future engagements above historical norms. As a result, ICON cut its annual revenue guidance for fiscal 2024 by $220 million at the midpoint.

On this news, ICON’s stock price fell $59.03, or 21%, to close at $221.73 per share on October 24, 2024, thereby injuring investors.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting the Company’s client base; (2) that ICON’s purported FSP and hybrid model offerings were insufficient to shield the Company from the adverse effects of a significant market downturn; (3) that the RFPs ICON received from its biotechnology customers during the Class Period were used in substantial part as price discovery tools, and thus were not indicative of underlying client demand; (4) that ICON’s customers had canceled contracts, limited or reduced engagements, delayed clinical trial work, and/or failed to enter into new contracts with ICON for additional clinical trial work at historical rates once existing projects ended (or were scheduled to end) in 2024; (5) that ICON’s two largest customers were diversifying their CRO providers away from the Company; (6) that as a result of the foregoing, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired ICON ordinary shares during the Class Period, you may move the Court no later than April 11, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email:  shareholders@glancylaw.com
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  shareholders@glancylaw.com
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.