Clinical research conductor ICON Plc downplayed impacts from demand softness from the pharmaceutical and biotechnology industries, surprising investors with a $100 million revenue shortfall that led to a steep stock plunge, a proposed class action says.
ICON and two top executives in 2024 touted its competitiveness as the industries that make up its customer base took cost-cutting measures amid a “tightening capital and high interest rate environment,” said investor Chan Kwok Shing in the complaint filed in the US District Court for the Eastern District of New York on Monday.
The day after ICON released a revenue shortcoming from customer ...
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