HAGENS BERMAN Encourages ILMN Investors with Substantial Losses to Contact Firm’s Attorneys
SAN FRANCISCO, Dec. 22, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges Illumina, Inc. (NASDAQ: ILMN) investors who suffered substantial losses to submit your losses now. The alleged fraudulent purchase period has been expanded.
Expanded Class Period: Aug. 18, 2021 – Oct. 16, 2023
Lead Plaintiff Deadline: Jan. 9, 2024
Visit: www.hbsslaw.com/investor-fraud/ILMN
Contact An Attorney Now: ILMN@hbsslaw.com
844-916-0895
Illumina, Inc. (NASDAQ: ILMN) Securities Fraud Class Action:
Recently, Illumina announced plans to unwind its $8 billion acquisition of the cancer screen developer, GRAIL. The disclosure came after the Fifth Circuit Court of Appeals’ determination that the U.S. regulator was correct in finding the Illumina-GRAIL deal to be anticompetitive.
According to the Wall Street Journal, there “will be steep costs associated with [the divesture].” The WSJ observed, “[t]he European Commission has fined Illumina about $471 million for proceeding with the acquisition and European regulators are requiring Illumina to keep funding Grail for the next 2.5 years if it sheds it through a capital-markets transaction such as an initial public offering[]” and “[n]one of that will be recouped through a divestiture.”
The announced divestiture comes concurrently with the filing of a new securities class action lawsuit brought by investors against Illumina and its executives, expanding the alleged fraudulent period by nearly two years.
“The alleged class period is now August 18, 2021 through October 16, 2023, inclusive. The key question in the case is whether Defendants adequately disclosed Illumina’s insiders’ personal financial motives for acquiring GRAIL,” said Reed Kathrein, the partner leading the firm’s investigation.
The litigation alleges that 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, famed investor Carl 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 without first obtaining U.S. and EU antitrust regulatory approval.
These events sent the price of Illumina shares significantly lower.
If you invested in Illumina and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Illumina case and our investigation, read more »
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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Contact:
Reed Kathrein, 844-916-0895
