Cases
PAREXEL International Corporation (PRXL)
Securities Class Action
Overview
Overview
- Date:
- 11/14/2016
- Company Name:
- PAREXEL International Corporation
- Stock Symbol:
- PRXL
- Status:
- Closed/Complete
NEW YORK, November 14, 2016 – Bragar Eagel & Squire, P.C. is investigating potential claims against PAREXEL International Corporation (NASDAQ: PRXL) concerning possible violations of the federal securities laws.
On August 30, 2016, post-market, PAREXEL announced that the Company was postponing the filing of its 2016 Annual Report on Form 10-K after receiving a report concerning an “incident of misappropriation of corporate funds by an employee in one of the Company’s international operations.” Following this news, PAREXEL shares declined $3.08 per share on August 31, 2016.
Then, on November 11, 2016, the Company announced it would not timely file its quarterly report for the fiscal first quarter of 2017 due to potential errors in the Company’s revenue recognition. PAREXEL explained that such errors will impact revenue and earnings for the fiscal first quarter of 2017. PAREXEL anticipates correction of errors to have an adverse impact on revenue of approximately $6.7 million and on diluted earnings per share of approximately $0.08 for the quarter ended September 30, 2016. Following this news, PAREXEL shares declined $4.75 per share on November 11, 2016.
If you own PAREXEL securities or continue to hold shares purchased, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On August 30, 2016, post-market, PAREXEL announced that the Company was postponing the filing of its 2016 Annual Report on Form 10-K after receiving a report concerning an “incident of misappropriation of corporate funds by an employee in one of the Company’s international operations.” Following this news, PAREXEL shares declined $3.08 per share on August 31, 2016.
Then, on November 11, 2016, the Company announced it would not timely file its quarterly report for the fiscal first quarter of 2017 due to potential errors in the Company’s revenue recognition. PAREXEL explained that such errors will impact revenue and earnings for the fiscal first quarter of 2017. PAREXEL anticipates correction of errors to have an adverse impact on revenue of approximately $6.7 million and on diluted earnings per share of approximately $0.08 for the quarter ended September 30, 2016. Following this news, PAREXEL shares declined $4.75 per share on November 11, 2016.
If you own PAREXEL securities or continue to hold shares purchased, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.