Please complete this form relating to your transactions in Syneos Health, Inc. (NASDAQ: SYNH) common stock between September 9, 2020 and November 3, 2022, both dates inclusive (the “Class Period”).
You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at email@example.com; or you may click here to print a PDF of this form.
Syneos investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than September 25, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Syneos Health, Inc. (“Syneos”) (NASDAQ: SYNH) common stock between September 9, 2020 and November 3, 2022, both dates inclusive (the “Class Period”).
Syneos is a multinational clinical research organization that helps biopharmaceutical companies test and develop their products. The Class Period begins on September 9, 2020 when certain defendants presented at an industry conference and stated that Syneos was beginning to enjoy “pent-up demand” as on-site clinical activations had returned to pre-COVID-19 levels. Indeed, defendants claimed that negative impacts from the COVID-19 pandemic had bottomed out by the second quarter of 2020 and that Syneos had quickly entered a recovery period that was proving a boon for business. During the Class Period, defendants claimed that Syneos’s business was booming as the company lapped weak pandemic-era results. Unbeknownst to investors, however, these and similar statements made by defendants during the Class Period were materially false and misleading when made. Syneos’s business development capabilities had been critically impaired by recent workforce reductions and leadership and operational changes, as well as labor force turmoil caused by the COVID-19 pandemic. In addition, the company had struggled to integrate numerous companies it had acquired and its reimbursable revenue stream had been fundamentally diminished by the COVID-19 pandemic as its customers persisted in seeking remote work and limiting the number of on-site clinical trials. Consequently, Syneos’s backlog had been artificially inflated by hundreds of millions of dollars in reimbursable experiences that would never be received by the company, which created the false impression that Syneos was enjoying robust client demand when in fact its business was floundering.
The truth began to be revealed on February 17, 2022, when Syneos disclosed that its reimbursable expenses would likely never recover to pre-pandemic levels and that $3.8 billion of the company’s Clinical Solutions backlog was at risk of never being collected. Following this news, Syneos’s stock price fell $4.01, or 4.8%, to close at $79.36 on February 17, 2022.
Then, on August 2, 2022, Syneos revealed that net new business awards within the Clinical Solutions segment had declined by approximately 34%. Additionally, Syneos reduced its expected revenue for 2022 by $185 million. Following this news, Syneos’s stock price fell $13.94, or 17.6%, to close at $65.20 on August 2, 2022.
On September 13, 2022, Syneos disclosed that it expected to announce a book-to-bill ratio in its Clinical Solutions segment in the range of 1.05x to 1.15x, excluding reimbursable expenses. Following this news, Syneos’s stock price fell $8.65, or 13.6%, to close at $54.72 per share on September 13, 2022.
Finally, on November 4, 2022, Syneos revealed that its book-to-bill ratios had fallen lower than expected. Specifically, Syneos stated that its Clinical Solutions segment had a reimbursable expenses decline of 87% and a book-to-bill ratio of just 0.18x for the quarter, which was just one-tenth of the new business growth expected. Following this news, Syneos’s stock price fell $22.11, or 46.2 %, to close at $25.70 on November 4, 2022.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and omissions and that, as a result, Syneos’s investors have suffered significant losses.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at firstname.lastname@example.org. 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.