NEW YORK, Nov. 11, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of PAREXEL International Corporation ("PAREXEL" or the "Company") (NASDAQ: PRXL) (ISIN: US6994621075). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether PAREXEL and certain of its officers and/or directors have violated the federal securities laws.
On August 30, 2016, post-market, PAREXEL disclosed that the Company was delaying the filing of its 2016 Annual Report on Form 10-K after receiving a report "of an incident of misappropriation of corporate funds by an employee in one of the Company's international operations." On this news, PAREXEL stock fell $3.08, or 4.33%, to close at $68.03 on August 31, 2016. On November 11, 2016, the Company filed for a non-timely filing of its quarterly report on SEC Form 10-Q for Q3 2016, citing the identification of potential errors related to timing of revenue recognition with regard to its clinical research services business segment. PAREXEL stated that it anticipates correction of errors to have an adverse impact on revenue of approximately $6.7 million and on EPS of approximately $0.08 for Q3 2016.
On this news, PAREXEL stock has fallen as much as $5.77, or 9.54%, during intraday trading on November 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP