ICLR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of ICON Public Limited Company Investors

New York, New York--(Newsfile Corp. - February 11, 2025) - The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired ICON Public Limited Company ("ICON" or the "Company") (NASDAQ:ICLR) securities during the period from July 27, 2023, through October 23, 2024 ("the Class Period"). Investors have until April 11, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.

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On October 23, 2024, ICON reported financial results for Q3 2024, disclosing that ICON had generated quarterly revenues of just $2.03 billion, significantly missing consensus estimates of $2.13 billion. ICON further revealed that net new business wins had declined sequentially to $2.3 billion during the quarter from $2.6 billion in the prior quarter and that ICON's book-to-bill ratio fell sequentially to 1.15 from 1.22 in the prior quarter. During the corresponding conference call, ICON CEO, Stephen Cutler, revealed that two of ICON's large pharmaceutical customers had materially curtailed upcoming Functional Service Provision (FSP) trial work due to ongoing cost containment measures, which he stated would continue to negatively impact ICON's financial performance going forward. On this news, the price of ICON shares declined by $59.03 per share, or approximately 21%, from $280.76 per share on October 23, 2024, to close at $221.73 on October 24, 2024.

The complaint alleges that defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting ICONs client base; (2) ICON's purported FSP and hybrid model offerings were insufficient to shield ICON from the adverse effects of a significant market downturn; (3) the requests for proposals 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) 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; and (5) ICON's two largest customers were diversifying their CRO providers away from ICON.

If you purchased or otherwise acquired ICON securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.

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Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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