By Elias Schisgall

Shares of Icon rose after the company's board completed an investigation into its accounting practices and controls.

Shares were up 14% at $117.10 as of midday Wednesday. The stock has fallen 36% this year.

The clinical research company said the investigation found that revenue was overstated in 2023 and 2024, but by less than the previously announced upper limit of 2%. The investigation found similar issues in 2025, but with a smaller impact.

The company said it would restate its financial results for 2023, 2024 and the first nine months of 2025. The restatement will have no impact on customers, operations or cash flow, the company said.

"We look forward to reporting our results once the audit process is complete and to providing a broader business update, including details of backlog policy changes, recent business wins and cancellation trends," Chief Executive Officer Barry Balfe said. "While near-term performance will continue to be impacted by recent market dynamics, we are encouraged by the improved demand environment."

The finalization of the statements and the external audit process are expected to be complete in the coming weeks, the company said.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

April 29, 2026 12:20 ET (16:20 GMT)

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