NEW YORK, Sept. 17, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Syneos Health, Inc. (NASDAQ:SYNH), Lordstown Motors Corp. (OTC:RIDEQ), and Aldeyra Therapeutics, Inc. (NASDAQ:ALDX). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Syneos Health, Inc. (NASDAQ:SYNH)
Class Period: September 9, 2020 – November 3, 2022
Lead Plaintiff Deadline: September 25, 2023
On February 17, 2022, Syneos revealed that its reimbursable expenses would likely never recover to pre-pandemic levels. As a result, Syneos segregated reimbursable expenses from many of its operational metrics, revealing that $3.8 billion of Syneos' Clinical Solutions backlog (36%) was at risk of never being collected and providing an alarmingly low book-to-bill ratio of just 0.34x in the segment when reimbursable expenses were included. Although Syneos did not disclose the magnitude of the backlog "adjustment," some analysts estimated that Syneos had eliminated as much as $950 million in prior pass-through revenues.
On this news, the price of Syneos common stock fell nearly 5%.
Then, on August 2, 2022, Syneos revealed substantial deterioration in its business, disclosing that net new business awards within Syneos' Clinical Solutions segment had declined by roughly 34% including reimbursable expenses and 15% excluding reimbursable expenses, reflecting book-to-bill ratios of 0.94x and 1.29x, respectively. In addition, Syneos disclosed that it would not achieve even its lowered expectations for reimbursable revenues for the year, causing Syneos to slash expected 2022 revenues by $185 million at the midpoint.
On this news, the price of Syneos common stock fell more than 17%.
Thereafter, on September 13, 2022, Syneos disclosed that it expected to announce a book-to bill ratio in its Clinical Solutions segment for the trailing 12 months ending September 30, 2022 in the range of 1.05x to 1.15x, excluding reimbursable expenses.
On this news, the price of Syneos common stock declined nearly 17%.
Subsequently, on November 4, 2022, Syneos revealed that its book-to-bill ratios had plummeted below even the reduced figures provided in September 2022. Specifically, Syneos stated that its Clinical Solutions segment had achieved net new business awards of ...