LOS ANGELES--(EON: Enhanced Online News)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Illumina, Inc. (“Illumina” or the “Company”) (Nasdaq: ILMN). Investors who purchased or otherwise acquired Illumina shares between July 26, 2016 and October 10, 2016 inclusive (the “Class Period”), are encouraged to contact the firm in advance of the February 14, 2017 lead plaintiff motion deadline.
“declining demand for its high-speed genetic sequences”
If you are a shareholder who suffered a loss during the Class Period, we encourage you to click here or contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.Goldberglawpc.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, during the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. In particular, Defendants made false and/or misleading statements and failed to disclose: that Illumina was experiencing a significant decline in sequencing instrument sales; that the decrease had a significant impact on the Company’s revenue; that the Company did not have visibility into trends that could have a consequence on the Company’s financial outcomes; that, as such, the Company’s revenue guidance was unreliable and exaggerated; and that, as a result of the above, Defendants’ positive statements about Illumina’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 10, 2016 Illumina revealed its financial results for the third quarter of fiscal year 2016. The company had anticipated revenues of $625 to $630 million for the quarter. However, due to “declining demand for its high-speed genetic sequences” Illumina failed to meet this revenue.
When this information was released to the public, Illumina stock dropped on October 11, 2016, causing investors severe harm.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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