Illumina, Execs Facing Securities Class Action Lawsuit
Last Updated on May 8, 2018
McLeod v. Illumina, Inc. et al
Filed: January 10, 2017 ◆§ 3:17-cv-00053-DMS-NLS
A proposed class action has been filed on behalf of stockholders who acquired shares between July 26 and October 20, 2016 claims Illumina, Inc.
A proposed class action filed on behalf of stockholders who acquired shares between July 26 and October 20, 2016 claims Illumina, Inc. and its two top executives violated federal securities law. The lawsuit stems from the biotechnology company’s announcement that it had missed its revenue projection for the third quarter of 2016, a shortfall the company reportedly blamed on larger than anticipated year-over-year decline in high throughput sequencing instruments. With the announcement of this news, the lawsuit says, came a sharp dip (nearly 25 percent) in Illumina stock prices on unusually heavy trading volume. The plaintiff claims the defendants made false and misleading statements that failed to paint a full picture of the company’s business prospects.
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