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.
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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
By way of background, in 2015, Illumina formed GRAIL, Inc. (“GRAIL”) as a corporate subsidiary to develop a blood-based cancer detection test. Illumina initially spun-off GRAIL in February 2017 and then reacquired it in September 2020.
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?
Illumina investors may, no later than January 9, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Illumina investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Illumina, Kangas v. Illumina, Inc., et al., Case No. 23-cv-02082, is filed in the United States District Court for the Southern District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.