MORRISVILLE, N.C., Feb. 27, 2019 (GLOBE NEWSWIRE) -- Syneos Health™ (Nasdaq:SYNH) announced today that it has delayed its previously announced earnings release and conference call to allow additional time to complete its Form 10-K for the year ended December 31, 2018. The Company has filed a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission (SEC) and currently expects to file its Form 10-K within the 15-day extension period.

The Company has determined that additional time is needed for management to conduct a review of the Company’s internal control over financial reporting in conjunction with the finalization of the Company’s Form 10-K. On February 21, 2019, the Company received notification from the SEC that it has commenced an investigation into the Company’s revenue accounting policies, internal controls and related matters, and the SEC has requested that the Company retain certain documents for the periods beginning with January 1, 2017. The Company is fully cooperating with the SEC.

As an additional measure prior to the Company filing the Form 10-K, the Audit Committee of the Company’s Board of Directors, with the assistance of outside counsel and accounting advisors, is conducting an independent review of the Company’s revenue accounting policies, internal controls and related matters.

Prior to receiving notice of the SEC inquiry, the Company had substantially completed its year-end processes, including those relating to internal controls, with respect to the 2018 financial statements and forecasts for 2019.  

About Syneos Health

Syneos Health (Nasdaq:SYNH) is the only fully integrated biopharmaceutical solutions organization. Our company, including a Contract Research Organization (CRO) and Contract Commercial Organization (CCO), is purpose-built to accelerate customer performance to address modern market realities. Created through the merger of two industry leading companies – INC Research and inVentiv Health – we bring together more than 23,000 clinical and commercial minds with the ability to support customers in more than 110 countries. Together we share insights, use the latest technologies and apply advanced business practices to speed our customers’ delivery of important therapies to patients. To learn more about how we are shortening the distance from lab to life® visit syneoshealth.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, the Company’s expectations that it will file the Form 10-K within the time period prescribed by Rule 12b-25. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: that the Company is not able to complete its Form 10-K in the time period that it currently expects, the risk that the Company determines that there are deficiencies in its internal control over financial reporting that could materially affect our financial statements, and the risk that the nature and scope of the SEC investigation may change or that other proceedings may be instituted. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, and our other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Contacts

Investor Relations:
Ronnie Speight
Senior Vice President, Investor Relations
+1 919 745 2745
investor.relations@syneoshealth.com

Press/Media:
Danielle DeForge
Executive Director, External Communications
+1 202 210 5992
danielle.deforge@syneoshealth.com