The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Illumina, Inc. (ILMN) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN) securities between May 1, 2023 and October 16, 2023, inclusive (the “Class Period”). Illumina investors have until January 9, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

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.

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If you purchased Illumina securities during the Class Period, you may move the Court no later than January 9, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Illumina securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231110510288/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Illumina, Inc. (ILMN) Investors