The Law Offices of Frank R. Cruz Announces Investigation of Syneos Health, Inc. (SYNH) on Behalf of Investors
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Syneos Health, Inc. (“Syneos” or the “Company”) (NASDAQ: SYNH) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 17, 2022, Syneos disclosed that its reimbursable expenses would likely never recover to pre-pandemic levels and that $3.8 billion of the Company’s Clinical Solutions backlog was at risk of never being collected. On this news, Syneos’s stock price fell $4.01, or 4.8%, to close at $79.36 on February 17, 2022, thereby injuring investors.
Then, on August 2, 2022, Syneos revealed that net new business awards within the Clinical Solutions segment had declined by approximately 34%. Additionally, the Company reduced its expected revenue for 2022 by $185 million. On this news, Syneos’s stock price fell $13.94, or 17.6%, to close at $65.20 on August 2, 2022.
Then, on September 13, 2022, Syneos disclosed that it expected to announce a book-to-bill ratio in its Clinical Solutions segment in the range of 1.05x to 1.15x, excluding reimbursable expenses. On this news, Syneos’s stock price fell $8.65, or 13.6%, to close at $54.72 per share on September 13, 2022.
On November 4, 2022, Syneos revealed that its book-to-bill ratios had fallen lower than expected. Specifically, the Company stated that its Clinical Solutions segment had a reimbursable expenses decline of 87% and a book-to-bill ratio of just 0.18x for the quarter, which was just one-tenth of the new business growth expected. On this news, Syneos’s stock price fell $22.11, or 46.2%, to close at $25.70 on November 4, 2022, thereby injuring investors further.
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If you purchased Syneos securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.comwww.frankcruzlaw.com
