The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN) securities during the period from May 1, 2023 through October 16, 2023 (the “Class Period”). Investors have until January 9, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 10, 2023, Illumina disclosed that the U.S. Securities and Exchange Commission was investigating the Company’s statements regarding its recent acquisition of GRAIL, Inc.,—a cancer diagnostic test maker—including conduct and compensation of certain members of Illumina and GRAIL, Inc. management. On this news, the price of Illumina shares declined by $4.64 per share, or approximately 2.51%, from $185.12 per share to close at $180.48 on August 11, 2023.
On October 17, 2023, activist-investor Carl 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 said that the lawsuit pertained to Illumina completing its acquisition of GRAIL, Inc. On this news, the price of Illumina shares declined by $7.42 per share, or approximately 5.63%, from $131.87 per share to close at $124.45 on October 18, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) certain of Illumina’s insiders had personal financial motives for acquiring GRAIL, Inc.; and (ii) contrary to the Company’s attempts to discount Icahn’s criticism, Icahn had accurately concluded that insiders’ interests did not align with the Company’s best interests.
If you purchased or otherwise acquired Illumina securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20231201972960/en/
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
