ICON Shares Plunge After Launching Accounting Probe (1)

ICON Plc shares plunged after the health care services contractor said it may have overstated some of its past revenue and pulled its guidance for the year.

Preliminary findings of a probe initiated last year found that 2023 and 2024 revenue may have been overstated by “less than 2%” for each fiscal year, according to a Thursday statement from the US-listed ICON.

Shares in ICON fell as much as 50% on Thursday, their biggest intraday fall since March 30, 1999.

The Dublin-based company operates globally, providing clinical trials and commercialization advice to drug makers. In 2023, it announced a partnership ...