NEW YORK, Nov. 28, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ: ILMN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Illumina and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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In 2015, Illumina formed GRAIL, Inc. (“GRAIL”) as a corporate subsidiary to develop a blood-based cancer detection test. After several capital financing rounds, Illumina spun off GRAIL in February 2017 and retained a stake of approximately 20%. After GRAIL raised $1.9 billion through venture capital and strategic partners, Illumina announced plans to reacquire GRAIL in September 2020. The acquisition was completed on August 18, 2022. On August 10, 2023, after the market closed, Illumina revealed that the U.S. Securities and Exchange Commission was investigating the Company’s statements regarding GRAIL, including “conduct and compensation of certain members of Illumina and GRAIL management.” On this news, the Company’s stock price fell $4.64, or 2.5%, to close at $180.48 per share on August 11, 2023. Then, on October 17, 2023, Carl 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 ActivePassive 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 Company’s stock price fell $7.42, or 5.6%, to close at $124.45 per share on October 18, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP