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Illumina, Inc. (ILMN)

NASDAQ:ILMN

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Illumina, Inc. To Contact The Firm Before Lead Plaintiff Deadline

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ:ILMN) of the February 14, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased Illumina securities between July 26, 2016 and October 10, 2016 (the “Class Period”).  The case, Chen v. Frontline Global Trading Pte. Ltd. et al, No. 3:16-cv-03044 was filed on December 16, 2016, and has been assigned to Judge Marilyn L. Huff.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) Illumina was experiencing a significant decline in high throughput sequencing instrument sales; (2) that the aforementioned decline was impacting the Company’s revenue; (3) that Illumina lacked visibility into trends that could have a significant impact on its financial results; (4) that, as such, the Company’s revenue guidance was unreliable and overstated; and (5) that, as a result, Illumina’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Specifically, on October 10, 2016, Illumina announced dismal financial results for third quarter of fiscal year 2016.  Illumina estimated third quarter revenue of approximately $607 million, lower than the Company’s guidance of $625 million to $630 million.  Illumina accredited the lower revenue to “larger than anticipated year-over-year decline in high throughput sequencing instruments.”  Additionally, Illumina revealed it expected fourth quarter revenue to be flat to slightly up sequentially.

On this news, Illumina’s share price fell from $ 184.85 on October 10, 2016 to a closing price of $138.99 on October 11, 2016 —a $45.86 or a 24.81% drop.

Take Action

If you invested in Illumina stock or options between July 26, 2016 and October 10, 2016 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Illumina’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Illumina, Inc. (ILMN)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 12/19/2016

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