SAN FRANCISCO, Dec. 01, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges Illumina, Inc. (NASDAQ: ILMN) investors who suffered substantial losses to submit your losses now.
Illumina, Inc. (NASDAQ: ILMN) Securities Fraud Class Action:
The litigation focuses on Defendants’ statements and omissions about Illumina’s decision to reacquire GRAIL, a business Illumina spun off in Feb. 2017, and commentary about activist investor Carl Icahn’s publicly expressed concerns over the GRAIL deal.
Specifically, the complaint alleges that Illumina mispresented and omitted to disclose that: (1) certain of the company’s insiders had personal financial motives for re-acquiring GRAIL; and (2) contrary to the company’s attempts to discount Icahn’s criticisms, Icahn correctly concluded that insiders’ interests did not align with the company’s best interests.
Investors began to learn the truth on Aug. 10, 2023, when Illumina disclosed that the SEC was investigating Illumina’s statements about its GRAIL acquisition, including “the conduct and compensation of certain members of Illumina and GRAIL management[.]”
Then, on Oct. 17, 2023, Icahn filed a complaint under seal against current and former Illumina directors alleging claims for breach of fiduciary duty. While the complaint was filed under seal, Reuters reported that the lawsuit pertained to Illumina completing the GRAIL acquisition.
These events sent the price of Illumina shares significantly lower.
“We’re focused on investors’ losses and are investigating whether Illumina may have concealed insiders’ interests in the GRAIL reacquisition,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Illumina and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding Illumina should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ILMN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895