Icon Plc (NASDAQ:ICLR) shares are crashing in Thursday’s premarket session as the company disclosed an update on its upcoming earnings report.

The clinical research organisation disclosed an ongoing internal investigation launched by its Audit Committee in late October 2025 into certain accounting practices and internal controls.

The review, prompted by concerns raised to the committee through management, is being led by external legal counsel with support from forensic and technical accounting firms.

Earnings Update Shakes Investor Confidence

The probe is primarily focused on revenue recognition for fiscal years 2023 through 2025.

Icon is evaluating the design and effectiveness of certain internal controls over financial reporting and expects to report one or more material weaknesses.

Preliminary findings indicate revenue for 2023 and 2024 may have been overstated by less than 2% in each year. The investigation has delayed normal reporting processes, and the company is not yet able to provide ...