NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential breaches of fiduciary duties by management of Illumina, Inc. (NASDAQ: ILMN) resulting from allegations that management may have issued materially misleading business information to the investing public.
On October 10, 2016, Illumina, which provides genetic sequencing products to customers in the medical, academic, and pharmaceutical industries, announced estimated third quarter fiscal year 2016 revenue of approximately $607 million, which was lower than its guidance of $625 million to $630 million. Illumina attributed the shortfall to a “larger than anticipated year-over-year decline in high throughput sequencing instruments.” On this news, shares of Illumina fell $45.86 per share or over 24% from its previous closing price to close at $138.99 per share on October 11, 2016.
On December 16, 2016, Illumina and certain of its officers were sued for alleged violations of the federal securities laws. The Court in that action recently denied Illumina’s motion to dismiss in part, allowing the case to proceed. Rosen Law Firm’s investigation focuses on whether Illumina’s management breached their fiduciary duties to Illumina shareholders.
If you currently own shares of Illumina, please visit the firm’s website at http://www.rosenlegal.com/cases-1332.html for more information. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or zhalper@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by Institutional Shareholder Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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