LEGAL GUIDES FOR INVESTORS
If you suffered losses in Illumina stock, contact Illumina stock loss lawyer Timothy L. Miles about an Illumina class action lawsuit
INTRODUCTION TO THE 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.
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 questions that Illumina investors need to know about the Illumina class action lawsuit.
what are the ALLEGATIONS IN THE ILLUMINA 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%.
WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE ILLUMINA CLASS ACTION LAWSUIT?
First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the Illumina class action lawsuit and file your own separate lawsuit. Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained 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:
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.
WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE ILLUMINA CLASS ACTION LAWSUIT?
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Illumina class action lawsuit. Some of the responsibilities of the Lead Plaintiff in the Illumina class action lawsuit include:
WHAT IS THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING MYSELF IN THE ILLUMINA CLASS ACTION LAWSUIT?
Objecting is telling the Court you do not believe the settlement in the Illumina class action lawsuit, or some part of it, is fair or reasonable. You can file an objection only if you stay in the Class and do not exclude yourself, and you may submit a Claim Form even if you object to the settlement. On the other hand, requesting exclusion is explicitly telling the Court you do not want to be part of the Class or the Settlement in the class action against Illumina. If you exclude yourself, you cannot object to the Settlement because you no longer have standing as you are not a class member anymore. Similarly, you cannot submit a Claim Form. If you stay in the Class and object, but your objection is overruled, you will not be allowed a second opportunity to exclude yourself.
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.
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.
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