Illumina, Inc. Class Action Lawsuit - ILMN
Case Summary
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The Illumina class action lawsuit seeks to represent purchasers or acquirers of Illumina, Inc. (NASDAQ: ILMN) securities between May 1, 2023 and October 16, 2023 (the “Class Period”). Captioned Kangas v. Illumina, Inc., No. 23-cv-02082 (S.D. Cal.), the Illumina class action lawsuit charges Illumina and certain of its former top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Illumina class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Illumina class action lawsuit must be filed with the court no later than January 9, 2024.
CASE ALLEGATIONS: Illumina is a genetic and genomic analysis company with a portfolio of integrated sequencing and microarray systems, consumables, and analysis tools designed to accelerate and simplify genetic analysis. According to the Illumina class action lawsuit, in September 2020, Illumina announced plans to reacquire developer of blood-based cancer detection tests, GRAIL, Inc. and the acquisition was completed on August 18, 2022 over the objection of the European Union’s European commission. Carl C. Icahn was the beneficial owner of approximately 1.4% of the outstanding shares of Illumina, the complaint alleges.
The Illumina class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) certain of Illumina’s insiders had personal financial motives for acquiring GRAIL; and (ii) contrary to Illumina’s attempts to discount Icahn’s criticism, Icahn had accurately concluded that insiders’ interests did not align with Illumina’s best interests.
The Illumina class action lawsuit further alleges that on August 10, 2023, Illumina revealed that the U.S. Securities and Exchange Commission was investigating Illumina’s statements regarding GRAIL, including “conduct and compensation of certain members of Illumina and GRAIL management.” The Illumina class action lawsuit alleges that on this news, the price of Illumina stock fell.
The Illumina class action lawsuit also alleges that 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. 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],” the complaint alleges. The Illumina class action lawsuit alleges that on this news, the price of Illumina stock fell more than 5%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Illumina securities during the Class Period to seek appointment as lead plaintiff of the Illumina class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Illumina class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Illumina class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Illumina class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.