DENVER--(BUSINESS WIRE)--The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of Illumina, Inc. (“Illumina” or the “Company”) (Nasdaq: ILMN). Illumina is a San Diego, CA-based company that provides sequencing and array-based solutions for genetic analysis.
The Firm’s investigation relates to whether certain current and/or former senior officers and directors of Illumina breached their fiduciary duties to the Company. On January 22, 2018, the U.S. District Court for the Southern District of California granted in part and denied in part a motion to dismiss a securities fraud class action against Illumina and certain of its officers and directors. The class action lawsuit is now proceeding toward trial and alleges between July 26, 2016, and October 10, 2016, the Company had provided unduly positive statements and earnings guidance to investors regarding sales of the Company’s “HiSeq” sequencing instrument during 2016. However, the lawsuit alleges that prior to and during the third quarter of fiscal 2016, Illumina had been experiencing a material decline in sales of its traditional “HiSeq” sequencing instrument. On October 16, 2016, Illumina issued a press release announcing that its third quarter revenue would fall approximately $20 million below prior estimates. Following this news, Illumina’s stock price fell nearly 25% in one day.
If you currently own Illumina common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.