NEW YORK, Dec. 12, 2018 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a class action complaint in the United States District Court for the Northern District of California on behalf of holders of Pacific Biosciences of California, Inc. (“PACB”) (NASDAQ: PACB) common stock in connection with the proposed acquisition of PACB by Illumina, Inc. (“Illumina”), announced on November 1, 2018 (the “Complaint”). The Complaint, which alleges violations of the Securities Exchange Act of 1934 against PACB and its Board of Directors (the “Board”), is captioned Wang v. Pacific Biosciences of California, Inc., et al., Case No. 3:18-cv-07450-WHA (N.D. Cal.).
If you wish to serve as lead plaintiff, you must move the Court no later than February 9, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On November 1, 2018, PACB entered into an agreement and plan of merger (the “Merger Agreement”) with Illumina. Pursuant to the terms of the Merger Agreement, shareholders of PACB will receive $8.00 per share in cash upon the closing of the acquisition (the “Proposed Transaction”).
Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issue materially incomplete disclosures in a Proxy Statement (“Proxy”) filed with the United States Securities and Exchange Commission (SEC) on December 5, 2018. The Complaint alleges that the Proxy omits material information with respect to, among other things, PACB’s financial projections, the analyses performed by PACB’s financial advisor, and background of the Proposed Transaction. The Complaint seeks injunctive and equitable relief and damages on behalf of holders of PACB common stock.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Gloria Kui Melwani, at Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Avenue, New York, New York 10016, by telephone at (212) 545-4600 or by e-mail at [email protected].
Founded in 1888, Wolf Haldenstein has extensive experience in the prosecution of complex class actions in state and federal trial and appellate courts across the country. The firm’s attorneys have expertise in various practice areas, including securities litigation. Wolf Haldenstein’s reputation and expertise in class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex multi-district and consolidated litigations.
Gloria Kui Melwani
Tel: (212) 545-4600
Email: [email protected].
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