Case Page

 

Case Status:    ONGOING    
On or around 12/04/2017 (Ongoing date of last review)

Filing Date: December 01, 2017

INCR provides Phase I to Phase IV clinical development services to pharmaceutical, biotechnology, and medical device companies.

According to the law firm press release, on August 1, 2017, the Company announced that it completed a merger (the “Merger”) with inVentiv Health, Inc. (“inVentiv”). And, the Company represented to investors that the Merger was the beginning of an industry changing company, with high expectations for revenue growth and profitability. However, on November 9, 2017, the first quarter after the Merger, INCR reported a net loss of $88.9 million, as well as impairment charges to the Company’s intangible assets. Analysts noted that the Company’s fourth quarter guidance was worrisome given the challenges that inVentiv’s commercial business faced.

On this news, the Company’s stock price fell $16.35 per share, or 28.4%, to close at $41.15 per share on November 9, 2017, on unusually heavy trading volume. The Company’s share price continued to fall over the next three trading sessions, closing on November 14, 2017 at $34.35 per share, a total decline of $23.15 per share, or 40.3%.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Merger was not providing the benefit that Defendants stated it would; (2) that inVentiv was underperforming; (3) that, as a result, the Company’s 2017 financial performance would be negatively impacted; and (4) that, as a result of the foregoing, Defendants’ statements about INCR’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: INCR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 17-CV-09457
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 12/01/2017
CLASS PERIOD START: 05/10/2017
CLASS PERIOD END: 11/09/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (New York)
    122 East 42nd Street, Suite 2920 , Glancy Prongay & Murray LLP (New York), NY 10168
    (212) 682-5340 (212) 884-0988 ·
  2. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
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