LOS ANGELES, Nov. 10, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN) investors that a lawsuit filed on behalf of investors that purchased Illumina securities between May 1, 2023 and October 16, 2023, inclusive (the “Class Period”).
Investors are informed that they must petition the Court within 60 days from the issuance of this notice if they wish to act as the lead plaintiff in this case.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
- Illumina disclosed on August 10, 2023, after market hours, that the SEC was examining the company's declarations about its recent purchase of GRAIL, Inc., including issues related to the behavior and remuneration of some Illumina and GRAIL managers.
- Following this announcement, Illumina's share price dropped by $4.64, or 2.5%, ending at $180.48 on August 11, 2023.
- Later, on October 17, 2023, Carl Icahn filed a lawsuit against current and former Illumina directors, accusing them of breaching their fiduciary responsibilities. Although the lawsuit was initially sealed, Reuters reported that Icahn, at the 13D Monitor Active-Passive Investor Summit in New York, stated the lawsuit concerned Illumina's completion of its acquisition of cancer diagnostic test producer Grail.
- Subsequently, Illumina's stock price fell again by $7.42, or 5.6%, closing at $124.45 per share on October 18, 2023.
- The lawsuit in this class action claims that during the Class Period, the Defendants provided false and/or misleading statements and failed to reveal crucial negative information about Illumina's business, operations, and future. Specifically, it alleges that the Defendants did not inform investors that: (1) some company insiders had personal financial reasons for acquiring GRAIL; (2) Icahn's criticism, contrary to Illumina's attempts to downplay it, was accurate in identifying a misalignment between insiders’ interests and the Company’s; and (3) consequently, the Defendants' optimistic comments about Illumina's business, operations, and prospects were significantly misleading and/or lacked a solid foundation.
The lawsuit contends that when these undisclosed details became public, investors suffered financial losses.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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