According to the Complaint, Syneos Health, Inc. is a multinational clinical research organization that helps biopharmaceutical companies test and develop their products.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) 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; (iii) 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; (iv) 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; (v) 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 (vi) 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.

On October 12, 2023, Plaintiff voluntarily dismissed the Complaint. A related Complaint continues under Docket 23-CV-08848.

Also on October 12, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on November 17. Defendants filed a Motion to Dismiss the Amended Complaint on December 27.

On April 25, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Lead Plaintiff filed a second Amended Complaint on May 20. Defendants filed a Motion to Dismiss the second Amended Complaint on June 14.

On March 28, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Lead Plaintiff filed a third Amended Complaint on April 18.