If you purchased or acquired securities in Illumina between May 1, 2023 and October 16, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/ILMN.
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NEW YORK, Nov. 19, 2023 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN) and reminds investors of the January 9, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that certain of the Company's insiders had personal financial motives for reacquiring GRAIL, Inc. (“GRAIL”), a corporate subsidiary Illumina had spun off in 2017 to develop a blood-based cancer detection test; (2) that, contrary to Illumina's attempts to discount Carl Icahn’s (“Icahn’s”) criticism, Icahn had accurately concluded that insiders' interests did not align with the Company's best interests; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 10, 2023, after the market closed, Illumina revealed that the SEC was investigating the Company's statements regarding its recent acquisition of GRAIL, including "conduct and compensation of certain members of Illumina and GRAIL management."
On this news, the Company's stock price fell $4.64, or 2.5%, to close at $180.48 per share on August 11, 2023.
Then, on October 17, 2023, Icahn filed a complaint against current and former directors of Illumina, alleging direct and derivative claims of breaches of fiduciary duty. The complaint was filed under seal, but according to Reuters, Icahn "told the 13D Monitor Active-Passive Investor Summit in New York on Tuesday that the lawsuit pertained to Illumina completing its acquisition of cancer diagnostic test maker Grail."
On this news, the Company's stock price fell $7.42, or 5.6%, to close at $124.45 per share on October 18, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Illumina’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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