NEW YORK, Jan. 12, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Illumina Inc. (“Illumina” or the “Company”) (NASDAQ:ILMN) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Illumina securities between July 26, 2016 and October 10, 2016, inclusive (the “Class Period”). Such investors are advised to join this case by visiting the firm’s site: http://www.bgandg.com/ilmn.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) that Illumina was suffering a large decline in its instrument sales; (2) that this decline was damaging Illumina’s revenue; (3) that Illumina lacked visibility into trends that could have a substantial impact on its financial results; (4) that, as such, Illumina’s revenue guidance was unreliable and overstated; and (5) consequently, Illumina’s statements its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 10, 2016 Illumina announced its disappointing financial results for the third quarter of fiscal year 2016. Previously, the company had predicted revenues of $625 to $630 million for the quarter. Now mentioning “declining demand for its high-speed genetic sequences,” Illumina generated just $607 million. Following this news, Illumina stock dropped as much as 25% during intraday trading on October 11, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/ilmn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Illumina you have until February 14, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.