If you’ve invested in ICON Public Limited Company (NASDAQ: ICLR) between late July 2023 and October 2024, you may want to check your portfolio—and fast. A new class action lawsuit filed by Levi & Korsinsky, LLP is making waves, accusing the global clinical research firm of keeping investors in the dark while serious problems brewed beneath the surface.
At the heart of the complaint is the claim that ICON wasn’t telling the full story. While company executives were touting stability and strong performance, the reality according to the lawsuit, was far more turbulent.
Here’s what Levi & Korsinsky’s investigation uncovered:
Major clients were tightening budgets, and ICON was already feeling the pinch. The lawsuit suggests that cost-cutting measures across the industry were hitting the company harder than it let on.
ICON’s touted “functional service” and hybrid models—meant to help them weather economic downturns—weren’t enough to shield them from declining business.
Those requests for proposals? The lawsuit says many were just “price checks,” not real indicators of demand. In other words, potential clients were shopping around but not necessarily buying.
Contracts were being cancelled or scaled back, and clinical trial work was either postponed or drying up altogether.
Even more concerning: ICON’s two biggest clients were reportedly moving their business elsewhere, diversifying away from ICON as their go-to research partner.
And while all of that was happening, the company was still reporting strong “net new business awards” and promising growth—numbers that, according to the complaint, didn’t reflect what was really going on behind the scenes.
If you bought shares in ICON during the specified window - July 27, 2023 to October 23, 2024 and took a financial hit, you could be eligible to join the lawsuit.
The deadline to seek lead plaintiff status is April 11, 2025. That said, you don’t have to become a lead plaintiff to be part of the case or receive compensation if there’s a recovery.
Investors who feel blindsided by ICON’s downturn are coming together and pushing back. If you think you were affected, you can submit your details confidentially to the legal team handling the case:
👉 Click here to contact Levi & Korsinsky, LLP about the ICON lawsuit
ICON plc is a global healthcare intelligence and clinical research organization headquartered in Dublin, Ireland. Since its founding in 1990, ICON has grown to over 41,000 employees across 55 countries. The company provides outsourced development and commercialization services to the pharmaceutical, biotech, and medical device industries.
With a focus on innovation, patient-centric trials, and real-time data insights, ICON supports the entire clinical development lifecycle. In 2021, it strengthened its global reach by acquiring PRA Health Sciences.
Levi & Korsinsky LLP is a recognized leader in securities litigation, with a track record of recovering hundreds of millions of dollars for shareholders over the past two decades. With a dedicated team of over 70 professionals, the firm specializes in complex securities cases and has been featured in ISS Securities Class Action Services' Top 50 Report for seven consecutive years.
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