Latest news with #Shing
Yahoo
22-03-2025
- Business
- Yahoo
'Exit strategy' call amid doubt over rail loop benefits
Fresh doubt has been cast on the cost of a major infrastructure project that will take decades to complete as an assessment found its benefits had been "overstated". An Infrastructure Australia report on Melbourne's Suburban Rail Loop (SRL) urged the state government create an "exit strategy" in case the orbital train line cannot be delivered. It called on the Victoria government to release up-to-date costings as the $34.5 billion price tag for the first section of the line from Cheltenham to Box Hill, known as SRL East, was calculated in 2020 before construction costs soared. "Based on the information provided, we have low confidence in the cost estimate for SRL East, presenting a major risk to the SRL East project and the SRL Program as a whole," the report says. The proposed 90km orbital rail loop is intended to run from Cheltenham in Melbourne's southeast to Werribee in the outer west via the airport at Tullamarine. It's due to be completed in four stages over several decades. The Victorian government is relying on the Commonwealth to fund one third of SRL East and so far it has handed over $2.2 billion. The report found the economic benefits of the first two sections had been "overstated" and calls for more rigorous assessment to justify why the rail line is a priority for the state. The independent statutory body also urged the federal government to hold off committing more money until Victoria hands over further analysis, updated costings and financial documents including its funding strategy. Suburban Rail Loop Minister Harriet Shing said the state government was working with Infrastructure Australia but did not expressly commit to providing the requested information. She said the project was within the expected price band and the government stood by the loop after taking it to two state elections. "To be really clear, the Infrastructure Australia report is the basis upon which the recommendation occurred to release $2.2 billion (from the federal government)," Ms Shing told reporters. "As we deliver long-term projects an orbital rail loop around the city, we will see benefit, not just for the people who immediately access the benefits of living and working closer to rail." Opposition major projects spokesman Evan Mulholland described it as a "damning assessment" and urged the government to halt construction and review contracts immediately. "This is sobering reading, it's a blistering assessment of (Premier) Jacinta Allan's vanity project," he told reporters. "It obliterates the SRL business and investment case that was cooked up back in 2020."
Associated Press
26-02-2025
- Business
- Associated Press
ICLR CLASS ACTION NOTICE: ICON plc Investors that Suffered Losses are Notified to Contact BFA Law before the April 11 Court Deadline (NASDAQ:ICLR)
NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against ICON plc (NASDAQ: ICLR) and certain of its senior executives for potential violations of the federal securities laws. If you invested in ICON, you are encouraged to obtain additional information by visiting Investors have until April 11, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased ICON securities. The case is pending in the U.S. District Court for the Eastern District of New York and is captioned Shing v. ICON plc, et al., No. 25-cv-00763. Why was ICON Sued for Securities Fraud? ICON is a clinical research organization ('CRO') that provides a range of services to help its pharmaceutical company customers bring new drugs to market. In recent years, many large pharmaceutical companies have implemented drastic cost reduction programs, including shifting part of their clinical studies in-house and away from CROs like ICON. Despite these industry trends, ICON repeatedly represented that client demand was robust and that the company was benefiting from the trends. However, in truth, ICON's business had significantly deteriorated due to customer cost reduction measures and industry funding limitations. The Stock Declines as the Truth is Revealed On October 23, 2024, ICON revealed a quarterly 'revenue shortfall' that missed analyst estimates by more than $100 million. The company also revealed that indicators of customer demand, such as net new business, had materially deteriorated, that two of its large pharmaceutical customers had significantly curtailed upcoming work, and that numerous other customers had cancelled, delayed, or reduced the scope of ongoing and planned trials. As a result, ICON cut its annual revenue guidance for 2024 by $220 million. This news caused a more than 20% decline in the price of ICON stock over a two-day trading period, from a closing price of $280.76 per share on October 23, 2024 to $220.47 per share on October 25, 2024. Then, on January 14, 2025, ICON issued financial guidance for 2025 that came in well below analysts' expectations which the company attributed to the downturn in the industry. This news caused the price of ICON stock to decline more than 8%, from a closing price of $217.99 per share on January 13, 2025 to $200.24 per share on January 14, 2025. Click here for more information: What Can You Do? If you invested in ICON you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact: 212-789-3619 Why Bleichmar Fonti & Auld LLP? Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Associated Press
24-02-2025
- Business
- Associated Press
ICLR LEGAL DEADLINE: ICON plc Investors that Lost Money are Reminded of Pending Class Action – Contact BFA Law by April 11 Court Deadline (NASDAQ:ICLR)
NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against ICON plc (NASDAQ: ICLR) and certain of its senior executives for potential violations of the federal securities laws. If you invested in ICON, you are encouraged to obtain additional information by visiting Investors have until April 11, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased ICON securities. The case is pending in the U.S. District Court for the Eastern District of New York and is captioned Shing v. ICON plc, et al., No. 25-cv-00763. Why was ICON Sued for Securities Fraud? ICON is a clinical research organization ('CRO') that provides a range of services to help its pharmaceutical company customers bring new drugs to market. In recent years, many large pharmaceutical companies have implemented drastic cost reduction programs, including shifting part of their clinical studies in-house and away from CROs like ICON. Despite these industry trends, ICON repeatedly represented that client demand was robust and that the company was benefiting from the trends. However, in truth, ICON's business had significantly deteriorated due to customer cost reduction measures and industry funding limitations. The Stock Declines as the Truth is Revealed On October 23, 2024, ICON revealed a quarterly 'revenue shortfall' that missed analyst estimates by more than $100 million. The company also revealed that indicators of customer demand, such as net new business, had materially deteriorated, that two of its large pharmaceutical customers had significantly curtailed upcoming work, and that numerous other customers had cancelled, delayed, or reduced the scope of ongoing and planned trials. As a result, ICON cut its annual revenue guidance for 2024 by $220 million. This news caused a more than 20% decline in the price of ICON stock over a two-day trading period, from a closing price of $280.76 per share on October 23, 2024 to $220.47 per share on October 25, 2024. Then, on January 14, 2025, ICON issued financial guidance for 2025 that came in well below analysts' expectations which the company attributed to the downturn in the industry. This news caused the price of ICON stock to decline more than 8%, from a closing price of $217.99 per share on January 13, 2025 to $200.24 per share on January 14, 2025. Click here for more information: What Can You Do? If you invested in ICON you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses. Submit your information by visiting: Or contact: 212-789-3619 Why Bleichmar Fonti & Auld LLP? Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
