Syneos Health, Inc. Accused of Misleading Investors About its Merger

According to the complaint, on May 10, 2017, Syneos Health, Inc. (SYNH), formerly known as INC Research Holdings, Inc. ("INC"), INC announced that it was acquiring inVentiv Health, Inc., stating that the merger marks a "significant milestone" for INC and that it would expand the company's global scale.  That same day, INC announced purportedly strong business metrics and financial prospects that supported INC's guidance increase.  However, the merger did not provide the benefit that INC officials represented because inVentiv was underperforming.  On November 9, 2017, INC reported Q3 2017 results that fell far below investors' expectations, including a net loss from operations of $88.9 million, compared to income from operations of $39.4 million for Q3 2016.  INC attributed the poor results to previously undisclosed "continued customer and regulatory delays" at inVentiv and lower new drug approval activity during 2016.  On this news, INC's stock fell $16.35 per share, or over 28%, to close at $41.15 per share on November 9, 2017.

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