Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Syneos Health, Inc. (SYNH) and Encourages Investors to Contact the Firm Before September 25, 2023

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who acquired Syneos Health, Inc. (“Syneos” or the “Company”) (NASDAQ: SYNH) securities from September 9, 2020 through November 3, 2022 (the “Class Period”). Investors have until September 25, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Syneos operates as a biopharmaceutical solutions organization, offering therapeutic expertise, bioanalytic solutions, clinic development services, medical services, diagnostics, and commercialization.

On February 17, 2022, Syneos filed with the SEC a release on Form 8-K disclosing the Company’s financial results for the fourth quarter and full year results for 2021 (the “4Q21 Release”). In direct contradiction to the Company’s prior claim that reimbursable expenses would recover and accelerate in 2022, the 4Q21 Release revealed that the revenue category would likely never recover to pre-pandemic levels. As a result, Syneos segregated reimbursable expenses from many of its operational metrics, revealing that $3.8 billion of the Company’s Clinical Solutions backlog (36%) was at risk of never being collected and providing an alarmingly low book-to-bill ratio of just 0.34x in the segment when reimbursable expenses were included. On this news, the price of Syneos shares declined by $4.01 per share, or approximately 4.81%, from $83.37 per share to close at $79.36 on February 17, 2022.

On August 2, 2022, Syneos filed with the SEC a release on Form 8-K announcing its financial results for the quarter ended June 30, 2022 (the “2Q22 Release”). The 2Q22 Release revealed substantial deterioration in the Company’s business, disclosing that net new business awards within Syneos’s Clinical Solutions segment had declined by roughly 34% including reimbursable expenses and 15% excluding reimbursable expenses, reflecting book-to-bill ratios of 0.94x and 1.29x, respectively. In addition, the 2Q22 Release revealed that Syneos would not achieve even its lowered expectations for reimbursable revenues for the year, causing the Company to slash expected 2022 revenues by $185 million at the midpoint. On this news, the price of Syneos shares declined by $13.96 per share, or approximately 17.64%, from $79.14 per share to close at $65.20 on August 2, 2022.