Illumina, Inc. (NASDAQ: ILMN)

This lawsuit is for anyone who acquired securities in Illumina, Inc. (NASDAQ: ILMN) securities from August 18, 2021 through October 16, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to tell investors that the Company’s insiders had personal financial motives for acquiring GRAIL.

On August 10, 2023, after the market closed, Illumina revealed that the SEC was investigating the Company’s statements regarding its recent acquisition of GRAIL, Inc. (“GRAIL”), including “conduct and compensation of certain members of Illumina and GRAIL management.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on October 17, 2023, Carl Icahn (“Icahn”) filed a complaint against current and former directors of Illumina, alleging direct and derivative claims of breaches of fiduciary duty. The complaint was filed under seal, but according to Reuters, Icahn “told the 13D Monitor Active-Passive Investor Summit in New York on Tuesday that the lawsuit pertained to Illumina completing its acquisition of cancer diagnostic test maker Grail.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Illumina, Inc. (NASDAQ: ILMN) securities from August 18, 2023 through October 16, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.