NEW YORK, Dec. 13, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in INC Research Holdings, Inc. ("INC" or the "Company") (NASDAQ: INCR) of the January 30, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in INC Research Holdings, Inc. stock or options between May 10, 2017 and November 9, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/INCR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased INC securities between May 10, 2017 and November 9, 2017 (the "Class Period"). The case, Bermudez v. INC Research Holdings, Inc. et al., No. 1:17-cv-09457 was filed on December 1, 2017, and has been assigned to Judge Paul G. Gardephe.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's merger with inVentiv Health Inc. ("inVentiv') was not providing the benefit that the Company stated it would; (2) inVentiv was underperforming; and (3) as a result, the Company's 2017 financial performance would be negatively impacted.
Specifically, on November 9, 2017, INC announced Q3 2017 results that fell significantly below investors' expectations. The Company reported a net loss from operations for the quarter of $88.9 million, which the Company stated was impacted by expenses relating to its merger with inVentiv. In particular, INC reported merger-related transaction expenses of $84.3 million, an impairment charge of $30 million, and an increase in amortization expense of $41.9 million relating to the merger.
Following the announcement, INC's share price fell from $57.50 per share on November 8, 2017 to a closing price of $41.15 on November 9, 2017—a $16.35 or a 28.43% 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 INC's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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