ICON plc (ICLR) is rallying after announcing that its audit committee has completed an internal investigation into accounting practices and controls. The investigation centered on revenue recognition and concluded that revenue was overstated in 2023 and 2024, with each year’s overstatement below the previously communicated upper limit of 2%, and that similar issues were identified in 2025 with a smaller impact.

ICON said it plans to restate financial results for 2023 and 2024 and for the first nine months of 2025. The company also said its consolidated financial statements for the year ended December 31, 2025 are not yet available and described any referenced figures as preliminary estimates subject to completion of closing and audit procedures.

The update reduces uncertainty that has hung over the stock since the probe was disclosed, by putting an endpoint on the investigation phase and outlining the scope of the restatement. ICON reaffirmed that it found no impact on customers, operations, or cash flow from the accounting issues, and said it expects to complete the financial statements and external audit process in the coming weeks, with its Form 20-F to follow, including details of material weaknesses and remediation plans.