Illumina, Inc. (ILMN) Securities Fraud Class Action

The litigation focuses on Defendants’ statements and omissions about Illumina’s decision to reacquire GRAIL, a business Illumina spun off in Feb. 2017, and commentary about activist investor Carl Icahn’s publicly expressed concerns over the GRAIL deal.

Specifically, the complaint alleges that Illumina mispresented and omitted to disclose that: (1) certain of the company’s insiders had personal financial motives for re-acquiring GRAIL; and (2) contrary to the company’s attempts to discount Icahn’s criticisms, Icahn correctly concluded that insiders’ interests did not align with the company’s best interests.

Investors began to learn the truth on Aug. 10, 2023, when Illumina disclosed that the SEC was investigating Illumina’s statements about its GRAIL acquisition, including “the conduct and compensation of certain members of Illumina and GRAIL management[.]”

Then, on Oct. 17, 2023, Icahn filed a complaint under seal against current and former Illumina directors alleging claims for breach of fiduciary duty. While the complaint was filed under seal, Reuters reported that the lawsuit pertained to Illumina completing the GRAIL acquisition.

These events sent the price of Illumina shares significantly lower.

If you invested in Illumina and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses.

Whistleblowers: Persons with non-public information regarding Illumina should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ILMN@hbsslaw.com.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the ILMN securities class-action case about?

This lawsuit on behalf of investors nationwide focuses on Defendants’ statements and omissions about Illumina’s decision to reacquire GRAIL, a business Illumina spun off in Feb. 2017, and commentary about activist investor Carl Icahn’s publicly expressed concerns over the GRAIL deal.

WHAT SHOULD I DO?

I worked at ILMN. What should I do?

If you were an employee of ILMN during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or ILMN@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICPATE?

Am I affected? What do I need to do to participate?

If you were an investor in ILMN during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any ILMN investor participate?

In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.