By Connor Hart

Icon said its board has initiated an internal review of its accounting practices and controls after management raised concerns, prompting the company to delay its financial reporting and pull its guidance.

The clinical research organization said Thursday that the investigation primarily focuses on revenue recognition in recent years, with preliminary indications showing that the company's top line in 2023 and 2024 may have been overstated by less than two percent annually.

Shares tumbled 30%, to $93, in premarket trading. Through Wednesday's close, the stock has lost more than a quarter of its value over the past year.

Icon said it now expects to report its fourth-quarter and full-year 2025 results on or prior to April 30, and that it is withdrawing its previously issued outlook for 2025. The company hasn't identified any impact to customers stemming from the practices under review, it added.

The investigation, which was initiated by the board's audit committee in October, is being conducted by outside legal counsel with the support of forensic and technical accounting firms.

Board Chair Ciaran Murray said the company is committed to transparency, accountability and strong governance. "The Board of Directors and I have full faith in Icon's executive team and their ability to implement the changes needed as a result of the investigation and execute our strategy for the years ahead," he added.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

February 12, 2026 06:34 ET (11:34 GMT)

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