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Oklahoma City, OK (March 7, 2019) – On March 1, 2019, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Syneos Health, Inc. (NASDAQ: SYNH). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 10, 2017 through February 27, 2019. According to the complaint, defendants made false and/or misleading statements and/or failed to disclose that: (1) Syneos Health’s internal control over financial reporting was inadequate; (2) concerns regarding Syneos Health’s internal control over financial reporting would result in heightened regulatory scrutiny and an SEC investigation into the company’s revenue accounting policies, internal controls and related matters; and (3) as a result, defendants’ statements about Syneos Health’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 27, 2019, after market hours, the Company announced it was delaying the release of its Form 10-K for the year ended December 31, 2018 after the Securities and Exchange Commission (“SEC”) notified the Company it was investigating its revenue accounting policies and internal controls. The Company stated its management and Audit Committee were each conducting a review of the Company’s internal controls and/or accounting policies, amongst other things. On this news, Syneos’s share price fell from $52.01 per share on February 27, 2019 to a closing price of $41.77 on February 28, 2019: a $10.14 or a 19.69% drop.
Plaintiff seeks to recover damages on behalf of all Syneos Health, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, April 30, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com