Press release
Lawsuit filed for Investors who lost money with shares of Icon Energy Corp. (NASDAQ: ICON)
A lawsuit was filed on behalf of investors in Icon Energy Corp. (NASDAQ: ICON) shares over alleged securities laws violations.
Investors who purchased shares of Icon Energy Corp. (NASDAQ: ICON) have certain options and for certain investors are short and strict deadlines running. Deadline: April 11, 2025. NASDAQ: ICON investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Athens, Greece based Icon Energy Corp. engages in the ocean transportation of dry bulk cargoes worldwide. Icon Energy Corp. (NASDAQ: ICON) reported that its annual Total Revenue declined from $7.24 million in 2022 to $4.47 million in 2023, and that its Net Income declined from $4.24 million in 2022 to $1.15 million in 2023.
On October 23, 2024, Icon Energy Corp. (NASDAQ: ICON) reported financial results for its third fiscal quarter of 2024, disclosing that Icon Energy Corp. had generated quarterly revenues of just $2.03 billion, revealing a surprise "revenue shortfall" that significantly missed consensus estimates of $2.13 billion by more than $100 million. ICON further revealed that its quarterly net new business wins had declined sequentially to $2.3 billion during the quarter from $2.6 billion in the prior quarter and that ICON's book-to-bill ratio fell sequentially to 1.15, down from 1.22 in the prior quarter. During the corresponding conference call, ICON CEO, Stephen Cutler, revealed that two of ICON's large pharmaceutical customers had materially curtailed upcoming FSP trial work due to ongoing cost containment measures, which he stated would continue to negatively impact ICON's financial performance going forward.
Shares of Icon Energy Corp. (NASDAQ: ICON) declined from $3.85 per share on July 12, 2024, to as low as $0.192 per share on February 25, 2025.
The plaintiff claims that between July 27, 2023 and October 23, 2024, the defendants made false and/or misleading statements and/or failed to disclose that ICON was suffering from a material loss of business due to customer cost reduction measures and other widespread funding limitations impacting ICON's client base, that ICON's purported Functional Service Provision ("FSP") and hybrid model offerings were insufficient to shield ICON from the adverse effects of a significant market downturn, that the requests for proposals ICON received from its biotechnology customers during the Class Period were used in substantial part as price discovery tools, and thus were not indicative of underlying client demand, that ICON's customers had canceled contracts, limited or reduced engagements, delayed clinical trial work, 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, that ICON's two largest customers were diversifying their CRO providers away from ICON, that as a result of the above, ICON's reported net new business awards and book-to-bill metrics materially misrepresented client demand for ICON's services, and that consequently, ICON was tracking materially below the 2024 revenue and EPS guidance issued between July 27, 2023 and October 23, 2024 and such guidance lacked a reasonable factual basis.
Those who purchased shares of Icon Energy Corp. (NASDAQ: ICON) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Lawsuit filed for Investors who lost money with shares of Icon Energy Corp. (NASDAQ: ICON) here
News-ID: 3891312 • Views: …
More Releases from Shareholders Foundation, Inc.
Ready Capital Corporation (NYSE: RC) Long Term Investor Investigation of potenti …
An investigation was announced for potential breaches of fiduciary duties by certain directors and officers of Ready Capital Corporation.
Investors who are current long term investors in Ready Capital Corporation (NYSE: RC) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE: RC stocks follows a lawsuit filed against Ready…
Investigation announced for Long-Term Investors in shares of Digimarc Corporatio …
An investigation was announced for current long-term investors in shares of Digimarc Corporation (NASDAQ: DMRC) concerning potential breaches of fiduciary duties by certain directors of Digimarc Corporation.
Investors who are current long term investors in Digimarc Corporation (NASDAQ: DMRC) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ: DMRC…
Ultra Clean Holdings, Inc. (NASDAQ: UCTT) Investor Alert: Deadline in Lawsuit on …
A deadline is coming up on May 23, 2025 in the lawsuit filed for certain investors of Ultra Clean Holdings, Inc. (NASDAQ: UCTT) over alleged securities laws violations by Ultra Clean Holdings, Inc.
Investors who purchased shares of Ultra Clean Holdings, Inc. (NASDAQ: UCTT) have certain options and there are strict and short deadlines running. Deadline: May 23, 2025. Ultra Clean Holdings, Inc. (NASDAQ: UCTT) stockholders should contact the Shareholders…
Lawsuit filed for Investors who lost money with shares of West Pharmaceutical Se …
An investor, who purchased shares of West Pharmaceutical Services, Inc. (NYSE: WST), filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania over alleged violations of Federal Securities Laws by West Pharmaceutical Services, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of West Pharmaceutical Services, Inc. (NYSE: WST) have certain options and for certain investors are short and strict deadlines running.…
More Releases for ICON
Caboodles- The Fashion Icon Grows Up
Chicago, IL (August 2013) – Caboodles, the leader in the cosmetic organization category since the unveiling of their iconic pink box in 1987, has grown up alongside millions of women and girls that have coveted these figures of form and function. They are celebrating their second season as a proud supporter of Mercedes-Benz Fashion Week and will celebrate by hosting the Caboodles Lounge on Thursday, September 5 and Friday September…
Frida Kahlo: Art and Fashion Icon
The evolution of Frida Kahlo, from young girl of good bourgeois family to young spouse of Diego Rivera to becoming the most famous Mexican female artist of her times, can be followed in her art and in her attire style.
Starting on April 19th 2012 the Kunstmuseum Gehrke-Remund in Baden-Baden shows a special exhibition dedicated to Frida Kahlo dresses style starting in 1940 when she was 33 years old.
Photos of Frida…
Steven Farmer is ICON
Steven Farmers ICON Exhibition is nothing like anything seen before in the Galleries of Somerset.
He sets out to push the boundaries of contemporary painting. The passion, depth and intrigue to this collection are truly captivating, transporting you to the curiosity of your imagination.
I've had the pleasure of viewing his work at the Mauger Modern Art Gallery where he was exhibiting alongside legendary artists Andy Warhol, Banksy and Keith Harring.…
Free iPhone tab bar icon editor
Berlin, 2nd February 2010. iconsBerlin just released its iPhone tab bar icon editor. The online editor enables app developers to create tab bar icon art at no cost within a couple of minutes. Though iconBerlin offers a complete icon set as well, that one specific icon may be missing while a project's dead line is approaching. The developer may begin with icon creation immediately. The icon editor speeds up the…
Icon 7 Inc. Unveils New Website
TAIPEI, Taiwan, MIAMI, Florida, U.S.A., and VIENNA, Austria, October 19, 2007 – Icon 7 Inc. (“Icon7”), an emerging global computer and personal electronic devices provider, recently announced the official launch of its new website at icon7inc.com.
In keeping with its aim of becoming a complete solutions’ provider, Icon7’s website is more people and “solutions” focused, by applying its products in helping to solve or meet certain specific needs, such as when…
A Neat Little Product From Icon Empire
Icon Empire introduces IconoMaker 3.05.
Icon Empire, a producer of award-winning graphics editing software, offers a nifty little product for editing icons with a variety of custom attributes and creative styles.
IconoMaker creates and edits icons of any size, colored by virtual pen, brush, airbrush, ellipse, straight line or curve tools, compatible with Windows XP 32-bit color depth with 8-bit alpha channel. Users can roll, shift and rotate images, sort…
