Investors who purchased shares in a publicly traded clinical research organization are seeking damages after the company reported financial results that fell short of previous guidance, leading to a sharp decline in share price. The complaint was filed by Jan Durbin on April 6, 2026, in the United States District Court for the Southern District of Ohio against Medpace Holdings Inc., as well as its Chairman and Chief Executive Officer August James Troendle, President Jesse J. Geiger, and Chief Financial Officer Kevin M. Brady.
According to the court filing, the plaintiff alleges that between April 22, 2025 and February 9, 2026, Medpace and its senior executives provided investors with overly optimistic projections regarding the company’s book-to-bill ratio—a key metric indicating new business relative to revenue—while concealing material adverse facts about cancellation rates affecting future growth. The lawsuit claims these actions violated Sections 10(b) and 20(a) of the Securities Exchange Act and Rule 10b-5 promulgated by the Securities and Exchange Commission.
The background detailed in the complaint describes how Medpace management repeatedly assured investors during earnings calls throughout 2025 that a book-to-bill ratio of 1.15 was achievable for the fourth quarter. For example, on April 22, 2025, President Geiger stated that revenue for the first quarter increased year-over-year and discussed expectations for backlog conversion into revenue over the next twelve months. During analyst questions on this call and subsequent ones in July and October 2025, CEO Troendle emphasized that while cancellations could impact results, opportunities remained to reach or exceed a book-to-bill ratio of 1.15 if conditions stayed stable or improved.
The complaint highlights several public statements from Medpace leadership suggesting that cancellation rates were under control or ‘well behaved,’ and that any challenges were not due to weak business fundamentals or funding environments. On July 22, Troendle stated: ‘We continue to see a strong potential for book-to-bills returning to above 1.15x in Q3.’ He further noted that cancellations had decreased across their pipeline at that time.
However, according to the plaintiff’s allegations, these positive statements omitted important information about elevated cancellation rates within certain therapeutic areas—particularly metabolic studies—which ultimately undermined projected growth figures. On February 9, 2026, after markets closed, Medpace released its fourth quarter results showing a book-to-bill ratio of only 1.04—below prior guidance. CEO Troendle acknowledged during an earnings call: ‘Cancellations were elevated again in Q4… Backlog cancellations in absolute and percent terms were the highest they’ve been in over a year.’
Following this disclosure, investor reaction was swift; Medpace’s stock price dropped from $530.35 per share at market close on February 9 to $446.05 per share on February 10—a decline exceeding fifteen percent. Analyst reports cited by the plaintiff echoed concerns about missed targets and questioned whether prior guidance had accurately reflected underlying risks related to cancellations.
The legal arguments presented assert that defendants either knew or recklessly disregarded non-public information regarding cancellation trends and their likely impact on future bookings when making public statements throughout the class period. The complaint contends these omissions caused investors—including Durbin—to purchase shares at artificially inflated prices before corrective disclosures led to losses.
Plaintiffs seek certification as representatives of all individuals who acquired Medpace common stock during the specified period and suffered damages following revelations about booking shortfalls. They request monetary damages for losses sustained due to alleged securities fraud as well as pre-judgment interest, attorneys’ fees, expert costs, and other relief deemed appropriate by the court.
The case is being handled by attorneys Richard S. Wayne and Robert S. Sparks of Strauss Troy Co., LPA in Cincinnati; Adam M. Apton of Levi & Korsinsky LLP is also listed as counsel for plaintiff Jan Durbin under case number 1:26-cv-00346-SJD.
Source: 126cv00346_Durbin_v_Medpace_Holdings_Inc_Complaint_Southern_District_Ohio.pdf
