SAN DIEGO & RALEIGH, N.C.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Syneos Health, Inc. (NasdaqGS: SYNH) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 10, 2017 and November 8, 2017. Syneos, formerly known as INC Research Holdings, Inc. ("INC"), is an integrated biopharmaceutical solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/syneos-health-inc
Syneos Accused of Misleading Investors About its Merger
According to the complaint, on May 10, 2017, INC announced that it was acquiring inVentiv Health, Inc., stating that the merger marks a "significant milestone" for INC and that it would expand the company's global scale. That same day, INC announced purportedly strong business metrics and financial prospects that supported INC's guidance increase. However, the merger did not provide the benefit that INC officials represented because inVentiv was underperforming. On November 9, 2017, INC reported Q3 2017 results that fell far below investors' expectations, including a net loss from operations of $88.9 million, compared to income from operations of $39.4 million for Q3 2016. INC attributed the poor results to previously undisclosed "continued customer and regulatory delays" at inVentiv and lower new drug approval activity during 2016. On this news, INC's stock fell $16.35 per share, or over 28%, to close at $41.15 per share on November 9, 2017.
Syneos Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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