NAPLES, Fla., Feb. 21, 2012 (GLOBE NEWSWIRE) -- Illumina Class Action Lawsuit was filed by Investors in Illumina, Inc.(Nasdaq:ILMN) alleging conflicts of interest in the recent proposed acquisition by Roche. The plaintiffs allege that the defendants breached their fiduciary duties by, among other things, by refusing to engage in negotiations and/or substantive dialogue with Roche which resulted in the defendants failing to get the best price for Illumina shareholders.
Those investors who purchased or otherwise acquired Illumina, Inc. shares and currently hold those shares should contact Gilman Law LLP for a free consultation to discuss their rights to recovery or claims. Investors may contact Gilman Law LLP by phone at (239) 221-8301, by email at tshea@gilmanpastor.com, or by visiting the Illumina Class Action Lawsuit Recovery Website and completing the free consultation form.
Illumina Acquisition Details
During December 2011, Roche communicated to top executives at Illumina, that Roche had an interest in acquiring Illumina. Plaintiffs claim that shortly thereafter Roche formally offered to acquire all of the shares of Illumina's common stock. Instead of considering this offer or negotiating a higher bid, Defendants, at the advice of Goldman Sachs, flatly rejected the offer. Goldman Sachs benefited financial from its recommendation that Illumina reject the Roche offer.
On January 24, 2012, Roche publicly announced that it wanted to acquire all outstanding shares of Illumina, Inc. for $44.50 per share. Following the announcement Illumina shares surged on January 25, 2012 above the current offer and closed as high as $55.15.
Again, instead of negotiating a higher price Illumina announced on January 26, 2012 that its Board of Directors adopted a "Rights Agreement," a/k/a poison pill, which allows directors to deflect offers for a company. Plaintiffs claim that defendants failed to act in the best interest of shareholders and failed to maximize the value shareholders would receive by depriving the Illumina, Inc. public stockholders of the opportunity to fully realize the benefits of their investment.
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