Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Illumina, Inc. (ILMN)

NEW YORK, Nov. 16, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who 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”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.

The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose: (i) that certain of the Company’s insiders had personal financial motives for re-acquiring GRAIL, which had been a former corporate subsidiary that was formed to develop a blood-based cancer detection test; (ii) that, contrary to Illumina’s attempts to discount Carl Icahn’s criticism, Carl Icahn had accurately concluded that insiders’ interests did not align with the Company’s best interests; and (iii) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Illumina should contact the Firm prior to the January 9, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.