RADNOR, Pa., Dec. 5, 2017 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against INC Research Holdings, Inc. (NASDAQ: INCR) ("INCR" or the "Company") on behalf of purchasers of the Company's securities between May 10, 2017 and November 9, 2017, inclusive (the "Class Period").
Investors who purchased INCR securities during the Class Period may, no later than January 30, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/inc-research-holdings-inc#join
INCR shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at email@example.com.
INCR provides clinical development services to pharmaceutical, biotechnology, and medical device companies.
On August 1, 2017, INCR announced that it completed a merger (the "Merger") with inVentiv Health, Inc. ("inVentiv"). At that time, INCR represented to investors that the Merger was the beginning of an "industry-changing new company, purpose-built to achieve the singular goal of accelerating biopharmaceutical performance."
The shareholder class action complaint alleges that Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts, about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Merger was not providing the benefit that Defendants stated it would; (2) that inVentiv was underperforming; (3) that, as a result, the Company's 2017 financial performance would be negatively impacted; and (4) that, as a result of the foregoing, Defendants' statements about INCR's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 9, 2017, INCR reported a quarterly net loss from operations of $88.9 million (compared to income from operations of $39.4 million for the 2016 comparable quarter). The Company disclosed that its quarterly operating results – for the first quarter following the Merger – had been negatively impacted by: (i) Merger-related transaction expenses of $84.3 million, (ii) an impairment charge of $30.0 million, and (iii) an increase in amortization expense of $41.9 million due to the acquisition of intangible assets as a result of the Merger.
Following this news, shares of the Company's stock declined $16.35 per share, or over 28%, to close on November 9, 2017 at $41.15 per share, on heavy trading volume. Over the following three trading days the Company's shares declined an additional $6.80 per share.
INCR shareholders may, no later than January 30, 2018, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/inc-research-holdings-inc#join.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP