Press release
Investigation announced for Long-Term Investors in shares of Icon Energy Corp. (NASDAQ: ICON)
An investigation on behalf of current long term investors in Icon Energy Corp. (NASDAQ: ICON) shares.
Investors who are current long term investors in Icon Energy Corp. (NASDAQ: ICON) 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: ICON stocks follows a lawsuit filed against Icon Energy Corp. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: ICON stocks, concerns whether certain Icon Energy Corp. directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District Court of New York the plaintiff alleges that, 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.
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