SAN DIEGO--(BUSINESS WIRE)--Robbins LLP informs investors that a shareholder filed a class action on behalf of purchasers of Syneos Health Companies Inc. (NASDAQ: SYNH) common stock between September 9, 2020 and November 3, 2022. Syneos is a multinational clinical research organization.
What is this Case About: Syneos Health, Inc. (SYNH) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period defendants failed to disclose that: (a) Syneos’s business development capabilities had been materially impaired by workforce reductions and leadership and operational changes, as well as labor force turmoil caused by the COVID-19 pandemic; (b) Syneos had struggled to integrate recent acquisitions, causing the Company to suffer from a bloated and confused organizational structure and impairing the Company’s ability to provide comprehensive or effective customer engagement across its product portfolio; (c) Syneos was suffering from acute competitive disadvantages as clinical trials moved to remote monitoring and decentralized administration, as the Company lacked the tools possessed by some of its rivals to successfully run remote and decentralized trials, such as certain data visualization and statistical modeling capabilities, and the Company had failed to adapt to changing business demands in the wake of the COVID-19 pandemic; (d) Syneos’s backlog, book-to-bill ratios, and net new business awards had been artificially inflated by more than $500 million through the inclusion of reimbursable expenses that the Company would never collect; (e) as a result, Syneos was struggling to execute on its existing contracts and to agilely respond to its client needs, causing the Company to suffer client dissatisfaction across its client base; and (f) consequently, Syneos was losing customers, failing to grow its client base or win significant contract renewals, and ceding market share to its rivals.
When the truth was revealed, the price of Syneos stock declined to a low of less than $23 per share, more than 77% below the class period high, damaging shareholders.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Syneos Health, Inc. Shareholders who want to act as lead plaintiff for the class must file their motion with the court by September 25, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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