ILMN Investor Announcement: Kessler Topaz Meltzer & Check, LLP Announces January 9, 2024 Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Filed Against Illumina, Inc. (ILMN)
The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California against Illumina, Inc. ("Illumina") (NASDAQ: ILMN). The action charges Illumina with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Illumina's materially misleading statements and omissions to the public, Illumina's investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR ILLUMINA LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/illumina-inc?utm_source=PR&utm_medium=link&utm_campaign=ilmnc&mktm=r
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LEAD PLAINTIFF DEADLINE: JANUARY 9, 2024
CLASS PERIOD: MAY 1, 2023 THROUGH OCTOBER 16, 2023
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
ILLUMINA'S ALLEGED MISCONDUCT
On April 28, 2023, Carl C. Icahn ("Icahn"), who was the beneficial owner of approximately 1.4% of the outstanding shares of Illumina as of February 17, 2023, issued an open letter to Illumina shareholders which demanded an independent investigation into the spin-off and reacquisition of GRAIL as it was alleged that Illumina insiders personally benefited from those transactions.
The Class Period begins on May 1, 2023 when Illumina issued a press release and shareholder letter in connection with the annual stockholder meeting to be held on May 25, 2023. In that letter, Illumina responded to Icahn's open letter claiming that Icahn's "allegations are completely false." A few weeks later, on May 18, 2023, the company issued another press release which stated that "no director who oversaw any part of the GRAIL transaction has ever owned any equity interest in GRAIL."
On August 10, 2023, Illumina disclosed that the SEC was investigating the company's statements regarding its recent acquisition of GRAIL including conduct and compensation of certain members of Illumina and GRAIL management. Following 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.
Then, on October 17, 2023, Icahn filed a complaint against current and former directors of Illumina, alleging claims of breaches of fiduciary duty. The complaint was filed under seal, but according to analyst Reuters, Icahn said that the lawsuit pertained to Illumina completing its acquisition of GRAIL. Following 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.
WHAT CAN I DO?
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
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