NEW YORK, Nov. 11, 2016 /PRNewswire-USNewswire/ -- Wolf Popper LLP is investigating potential claims on behalf of investors in PAREXEL International Corp. (NASDAQ: PRXL), resulting from PAREXEL's disclosure that it will delay the release of its Form 10-Q for the fiscal quarter ended September 30, 2016. PAREXEL investors can contact Fei-Lu Qian at 877.370.7703 or [email protected] for more information.
On November 11, 2016, PAREXEL disclosed that it has "identified potential errors related to the timing of revenue recognition, almost all related to prior periods, with regard to its Clinical Research Services business segment." As a result, "the Company anticipates that the correction of these errors … and certain other minor corrections will have an adverse impact on revenue of approximately $6.7 million and on diluted earnings per share of approximately $0.08 for the fiscal quarter ended September 30, 2016."
On this disclosure, PAREXEL common stock plummeted intra-day on November 11, 2016 by more than $5.00 per share.
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