NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Illumina, Inc. (Nasdaq: ILMN).
During the first two quarters of 2016, the Company, which provides genetic sequencing products to customers in the medical, academic, and pharmaceutical industries, repeatedly forecasted to investors an increase in sales of its HiSeq product system for the second half of 2016. On October 10, 2016, the Company disclosed that it had missed its earnings forecast for 2016Q3 by $18 million, driven by lower than expected sales of the HiSeq system. Then, on a November 1, 2016 investor conference call, the Company revealed that an increasing trend of customers preferring its other products over the HiSeq did not immediately show up in 2016Q3 but had been building over time, despite its prior forecasts of increased sales of the product.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court in that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Illumina’s officers and/or directors breached their fiduciary duties to Illumina’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Illumina shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaq-ilmn/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.