Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 10, 2025 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises ICON PLC (“ICON” or the “Company”) (NASDAQ: ICLR) investors of a class action representing investors that bought securities between July 27, 2023 and October 23, 2024, inclusive (the “Class Period”). ICON investors have until April 11, 2025 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The ICON class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements or failed to disclose critical issues affecting the company. ICON suffered a material loss of business due to customer cost-cutting measures and broader funding constraints impacting its client base. Despite claims that its Functional Service Provision (“FSP”) and hybrid model offerings would insulate the company from market downturns, they proved inadequate. Many biotechnology customers used ICON’s requests for proposals primarily as price discovery tools rather than as indicators of actual demand.
Additionally, ICON’s clients canceled contracts, reduced or delayed clinical trial work, and failed to enter into new agreements at historical rates once existing projects ended or were set to end in 2024. The company’s two largest customers diversified their use of CRO providers, reducing their reliance on ICON. As a result, ICON’s reported net new business awards and book-to-bill metrics misrepresented actual client demand, and the company was materially underperforming relative to its 2024 revenue and EPS guidance, which lacked a reasonable factual basis.
On October 23, 2024, ICON announced its third-quarter financial results, revealing revenue of $2.03 billion—more than $100 million below consensus estimates. The company also disclosed a decline in quarterly net new business wins and a drop in its book-to-bill ratio. During the earnings call, CEO Stephen Cutler acknowledged that two major pharmaceutical customers had significantly reduced FSP trial work due to ongoing cost containment measures, which would continue to impact the company’s financial performance. Following this news, ICON’s stock price dropped more than 20% over two trading sessions.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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