San Diego, CA -- (SBWIRE) -- 08/18/2023 -- An investor, who purchased NASDAQ: SYNH shares, filed a lawsuit against Syneos Health, Inc. over alleged Securities Laws violations.

Investors who purchased shares of Syneos Health, Inc. (NASDAQ: SYNH) have certain options and for certain investors are short and strict deadlines running. Deadline: September 25, 2023. NASDAQ: SYNH investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Morrisville, NC based Syneos Health, Inc. operates as an integrated biopharmaceutical solutions company in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America.

On February 17, 2022, Syneos Health, Inc revealed that its reimbursable expenses 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 Syneos' 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. Although Syneos did not disclose the magnitude of the backlog "adjustment," some analysts estimated that Syneos had eliminated as much as $950 million in prior pass-through revenues.

Then, on August 2, 2022, Syneos Health, Inc revealed substantial deterioration in its business, disclosing that net new business awards within Syneos' 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, Syneos disclosed that it would not achieve even its lowered expectations for reimbursable revenues for the year, causing Syneos to slash expected 2022 revenues by $185 million at the midpoint.

Thereafter, on September 13, 2022, Syneos Health, Inc disclosed that it expected to announce a book-to bill ratio in its Clinical Solutions segment for the trailing 12 months ending September 30, 2022 in the range of 1.05x to 1.15x, excluding reimbursable expenses.

Subsequently, on November 4, 2022, Syneos Health, Inc revealed that its book-to-bill ratios had plummeted below even the reduced figures provided in September 2022. Specifically, Syneos stated that its Clinical Solutions segment had achieved net new business awards of $182 million including reimbursable expenses – a startling year-over-year 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 by some analysts.

Shares of Syneos Health, Inc. (NASDAQ: SYNH) declined from $70.00 per share on August 15, 2022, to as low as $22.89 per share on November 04, 2022.

The plaintiff claims that between September 9, 2020 and November 3, 2022, the defendants made false and/or misleading statements and/or failed to disclose that Syneos' business development capabilities had been materially impaired by workforce reductions and leadership and operational changes, as well as labor force turmoil caused by the COVID-19 pandemic, that Syneos had struggled to integrate recent acquisitions, causing Syneos to suffer from a bloated and confused organizational structure and impairing Syneos' ability to provide comprehensive or effective customer engagement across its product portfolio, that Syneos was suffering from acute competitive disadvantages as clinical trials moved to remote monitoring and decentralized administration, as Syneos lacked the tools possessed by some of its rivals to successfully run remote and decentralized trials, such as certain data visualization and statistical modeling capabilities, and Syneos had failed to adapt to changing business demands in the wake of the COVID-19 pandemic, that Syneos' backlog, book-to-bill ratios, and net new business awards had been artificially inflated by more than $500 million through the inclusion of reimbursable expenses that Syneos would never collect, that as a result of the above, Syneos was struggling to execute on its existing contracts and to agilely respond to its client needs, causing Syneos to suffer client dissatisfaction across its client base, and that consequently, Syneos was exposed to a material undisclosed risk that Syneos would lose customers, be unable to grow its client base or win significant contract renewals, and cede market share to its rivals.

Those who purchased shares of Syneos Health, Inc. (NASDAQ: SYNH) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.