Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of ICON plc who purchased shares between July 27, 2023 and October 23, 2024.
ICON and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 23, 2024, the Company reported financial results for 3Q 2024, disclosing quarterly revenues of just $2.03 billion, revealing a shocking “revenue shortfall” that significantly missed consensus estimates of $2.13 billion by more than $100 million, that quarterly net new business wins had declined sequentially to $2.3 billion during the quarter, and that its book-to-bill ratio fell sequentially to 1.15, down from 1.22 in the prior quarter, due to ongoing cost containment measures by customers.
On this news, the price of ICON’s shares declined more than 20% over a two-day trading period, from $280.76 per share on October 23, 2024 to $220.47 per share on October 25, 2024.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 11, 2025 to request that the court appoint them lead plaintiff.