World News: 18:47 GMT Friday 15th March 2019. [Faruqi & Faruqi LLP via Globe Newswire via SPi World News]
NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Syneos Health, Inc. ("Syneos" or the "Company")(NASDAQ:SYNH) of the April 30, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Syneos securities between May 10, 2017 and February 27, 2019 (the "Class Period"). The case, , No. 19-cv-07377 was filed on 3/1/2019, and has been assigned to Michael A. Shipp.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Syneos’s internal control over financial reporting was inadequate; (2) concerns regarding Syneos’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’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Syneos's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Globe Newswire: 18:47 GMT Friday 15th March 2019
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