Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired ICON Public Limited Company (“ICON”) (NASDAQ: ICLR) ordinary shares between July 27, 2023 and January 13, 2025, inclusive (the “Class Period”).
ICON is a clinical research organization that handles clinical trials for large pharmaceutical and biotech companies. The case arises out of Defendants’ false and/or misleading statements regarding ICON’s key business metrics and financial performance in the face of significant decreases in research and development expenditures from the company’s large pharmaceutical customers.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented 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 the company’s client base; (2) the Requests for Proposals (“RFPs”) ICON received from its biotech customers during the Class Period were used in substantial part as price discovery tools, and thus were not indicative of underlying client demand; (3) still, the purported number of RFPs ICON received from its biotech customers and its RFP win rate were declining; (4) the decline in RFPs was at least in part a result of ICON’s largest customers having informed Defendants that they would be doing less work with the company and had canceled contracts, limited or reduced engagements, 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; (5) notably, ICON’s two largest customers were diversifying certain providers away from the company; (6) as a result of the foregoing, ICON’s reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON’s services; and (7) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On November 12, 2025, Defendants filed a Motion to Dismiss the Amended Complaint. The Motion is currently being briefed by the parties. This action is ongoing.
For more information on the case, please visit our website at www.ktmc.com/featured-case/icon-plc.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.