ILLUMINA – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Illumina, Inc. (“Illumina” or “the Company”) (NASDAQ: ILMN) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Beauty Health Company securities May 1, 2023 through October 16, 2023 (the “Class Period”). Investors who acquired Illumina securities during this defined timeframe are strongly encouraged to participate in this case by contacting firstname.lastname@example.org. The deadline to file a motion for appointment of lead plaintiff is January 9, 2024.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Illumina securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST ILLUMINA
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, Inc. (“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, Carl Icahn (“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 complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain of the Company’s insiders had personal financial motives for acquiring GRAIL; (2) that, contrary to Illumina’s attempts to discount 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.
- Illumina, Inc. is a leading biotechnology company known for its advancements in genomics and DNA sequencing technologies. Here are some key points about Illumina:
- Illumina was founded in April 1998 by David Walt, Larry Bock, John Stuelpnagel, and Anthony Czarnik. The company is headquartered in San Diego, California, USA.
- Illumina specializes in the development and manufacturing of DNA sequencing machines and associated technologies. The company is widely recognized for its next-generation sequencing (NGS) platforms, which enable researchers to sequence DNA at a rapid pace and at a lower cost compared to traditional methods.
- Illumina’s sequencing platforms, such as the HiSeq and NovaSeq series, are widely used in various applications, including genomics research, clinical diagnostics, and personalized medicine. The technology relies on a process known as sequencing by synthesis, where fluorescently labeled nucleotides are incorporated into DNA strands during the sequencing process.
- Illumina has engaged in several acquisitions and collaborations to expand its capabilities and offerings in the genomics field. One notable example is its attempted acquisition of Pacific Biosciences, a company with expertise in long-read sequencing technologies. However, regulatory challenges led to the termination of this acquisition in 2019.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Illumina during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is January 9, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Illumina are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.