5 FREQUENTLY ASKED QUESTIONS: the ILLUMINA CLASS ACTION LAWSUIT

If you suffered losses in Illumina stock, contact Illumina stock loss lawyer Timothy L. Miles about an Illumina class action lawsuit

INTRODUCTION TO THE ILLUMINA CLASS ACTION LAWSUIT

The Illumina class action lawsuit seeks to represent purchasers or acquirers of Illumina, Inc. (NASDAQ: ILMN) securities between May 1, 2023 and October 16, 2023 (the “Class Period”).  Captioned Kangas v. Illumina, Inc., No. 23-cv-02082 (S.D. Cal.), the Illumina class action lawsuit charges Illumina and certain of its former top executive officers with violations of the​​ Securities Exchange Act of 1934.
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If you suffered losses in Illumina stock and wish to serve as lead plaintiff in the Illumina class action lawsuit, please contact Illumina Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the Illumina class action lawsuit must be filed with the court no later than January 9, 2024.

Read on for answers to five frequently asked questions about the Illumina class action lawsuit.

what are the ALLEGATIONS IN THE ILLUMINA CLASS ACTION LAWSUIT?

​Illumina is a genetic and genomic analysis company with a portfolio of integrated sequencing and microarray systems, consumables, and analysis tools designed to accelerate and simplify genetic analysis.  According to the Illumina class action lawsuit, in September 2020, Illumina announced plans to reacquire developer of blood-based cancer detection tests, GRAIL, Inc. and the acquisition was completed on August 18, 2022 over the objection of the European Union’s European commission.  Carl C. Icahn was the beneficial owner of approximately 1.4% of the outstanding shares of Illumina, the complaint alleges.

The Illumina class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) certain of Illumina’s insiders had personal financial motives for acquiring GRAIL; and (ii) contrary to Illumina’s attempts to discount Icahn’s criticism, Icahn had accurately concluded that insiders’ interests did not align with Illumina’s best interests.

The Illumina class action lawsuit further alleges that on August 10, 2023, Illumina revealed that the U.S. Securities and Exchange Commission was investigating Illumina’s statements regarding GRAIL, including “conduct and compensation of certain members of Illumina and GRAIL management.”  The Illumina class action lawsuit alleges that on this news, the price of Illumina stock fell.

​The Illumina class action lawsuit also alleges that on October 17, 2023, Icahn filed a complaint against current and former directors of Illumina, alleging direct and derivative claims of breaches of fiduciary duty.  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],” the complaint alleges.  The Illumina class action lawsuit alleges that on this news, the price of Illumina stock fell more than 5%.

CAN A NON-U.S. INVESTOR SERVE AS LEAD PLAINTIFF IN THE ILLUMINA CLASS ACTION LAWSUIT?

​Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors.  Thus, if a non-U.S. investor suffered losses in Illumina​ ​ stock, they may move the Court to be appointed lead plaintiff in the Illumina class action lawsuit. 

WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE ILLUMINA CLASS ACTION LAWSUIT?

Serving as a Lead Plaintiff in the Illumina class action lawsuit has several advantages and important benefits including:

• A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
• Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
• There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred it the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
• Lead Plaintiff has the benefit involved and active in all negotiations relating to any settlement.
• Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against Illumina if you suffered significant losses in Illumina​​ stock. ​

CAN I BE APPOINTED LEAD PLAINTIFF IN THE ILLUMINA CLASS ACTION LAWSUIT IF I PURCHASED SHARES OUTSIDE OF THE CLASS PERIOD?

No.  Even if you suffered losses in Illumina​​ stock, if you purchased securities outside of the Class period, you will not be able to participate in the Illumina class action lawsuit.​

WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE ILLUMINA CLASS ACTION LAWSUIT SETTLES?

No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Illumina class action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Illumina class action lawsuit of investors who suffered losses in Illumina stock. ​

CONTACT AN ILLUMINA STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN ILLUMINA STOCK ABOUT A ILLUMINA CLASS ACTION LAWSUIT

If you suffered losses in Illumina stock, contact Illumina stock loss lawyer Timothy L. Miles today for a free case evaluation about an Illumina class action lawsuit. Call today and see what an Illumina stock loss lawyer could do for you if you suffered losses in Illumina stock.

Illumina stock loss lawyer Timothy L. Miles

Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator, and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, Class Action:  Class Action: Top 100 National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM  (2019-2022); America's Most Honored Lawyers 2020; Top 1% by America's Most Honored (2020-2022).  Mr. Miles has published over three hundred articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.  Please visit our website or Resources center and call for free anytime.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
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