Illumina, Inc. Class Action Lawsuit - ILMN

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

Everything You Need to Know about 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.

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 IS THE LEAD PLAINTIFF DEADLINE IN THE ILLUMINA CLASS ACTION LAWSUIT?

When a securities class action is filed such as the Illumina class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Illumina class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.

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.

IF I RECEIVE A SETTLEMENT FROM FINRA CAN I STILL PARTICIPATE IN THE ILLUMINA CLASS ACTION LAWSUIT?

Yes, the acceptance of restitution or compensation from a FINRA regulatory settlement does not waive your right to monetary or other benefits through the courts, arbitration, or mediation. Therefore, even if you received a settlement from FINRA, you can still participate in the Illumina class action lawsuit.

what is the lead plaintiff process in the Illumina class action lawsuit?

If you suffered losses in Illumina stock, call an Illumina Stock Loss Lawyer about an Illumina class action lawsuit

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Illumina stock to seek appointment as lead plaintiff in the Illumina class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Illumina stock and have further questions, contact Illumina stock loss Lawyer Timothy L. Miles today who will fight to recover your damages in a Illumina class action lawsuit if you suffered losses in Illumina stock.

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 of being 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.

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:

Selecting, monitoring, and overseeing Lead Counsel.
Reviewing and commenting on court filings on behalf of the class.
Discussing litigation strategies with the Lead Counsel.
Attending depositions (if necessary) and giving a deposition.
Attending hearings (if necessary).
Participating in mediation and the trial (if necessary).
Provide input on any decision concerning the settlement of the securities class action.

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?

Stock chart after Illumina class action lawsuit filed

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 on behalf of investors who suffered losses in Illumina stock.

Can I Be Lead Plaintiff in the Illumina class action lawsuit if I am Lead Plaintiff in Another Case?

Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Illumina stock, you may move to be appointed lead plaintiff in the Illumina class action Lawsuit.

Can the Court Appoint More than One Lead Plaintiff in the Illumina Class Action Lawsuit?

Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs to oversee the Illumina class action lawsuit.

How Was the Class Period Determined in the Illumina class action lawsuit?

In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.

In order to be a part of the class in the Illumina class action lawsuit, you must have suffered losses in Illumina stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against Illumina.

CAN I SELL MY STOCK AND STILL BE A MEMBER OF THE CLASS IN THE ILLUMINA LAWSUIT?

Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Illumina lawsuit.

How Can an Illumina Stock Loss Lawyer Help Me if I Suffered Losses in Illumina Stock?

An Illumina stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, they have lost money due to mistakes, incompetence, or fraud by an investment professional.

While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discover every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct. Look for a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation among his peers and the judiciary, as well as testimonials from previous clients and awards and recognitions.

Call an Illumina stock loss Lawyer today if you suffered losses in Illumina stock about the Illumina class action lawsuit who will fight to recover your suffered losses in Illumina stock.

How Do I Know if I am a Member of the Class in the Illumina Lawsuit?

If you purchased shares during the class period and suffered losses in Illumina stock, then you are most likely a member of the class in the Illumina lawsuit and may participate in the Illumina lawsuit since you suffered losses in Illumina stock.