Syneos Health, Inc. (NASDAQ: SYNH)

This lawsuit is for anyone who acquired securities in Syneos Health, Inc. (NASDAQ: SYNH) from September 9, 2020 through November 3, 2022.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to tell investors about a variety of known issues that the Company was having, including not being able to retain a sufficient workforce, not being able to integrate acquisitions, and lacking sufficient technology, such that the Company would have trouble retaining its clients and attracting new ones.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. 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. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. 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, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, 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, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Syneos Health, Inc. (NASDAQ: SYNH) from September 9, 2020 through November 3, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.