The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Illumina, Inc. Investors & ...
December 20 2016 - 2:02PM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
or otherwise acquired Illumina, Inc. (“Illumina” or the “Company”)
(NASDAQ: ILMN) securities between July 26, 2016 and October 10,
2016, inclusive (the “Class Period”). Illumina investors have
until February 14, 2017 to file a lead plaintiff
motion.
Investors suffering losses on their Illumina investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
The filed complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company’s business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements
and failed to disclose: (1) that the Company was experiencing a
large decline in high throughput sequencing instrument sales; (2)
that the decline was negatively impacting the Company’s revenue;
(3) that the Company lacked visibility into trends that could have
a substantial impact on the Company’s financial results; (4) that,
as such, the Company’s revenue guidance was unreliable and
overstated; and (5) that, as a result of the foregoing, 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 issued a press release announcing
disappointing financial results for the third quarter of fiscal
year 2016. Illumina had previously forecasted revenues of $625 to
$630 million for the quarter, but citing “declining demand for its
high-speed genetic sequences”, the Company only generated $607
million.
On this news, shares of Illumina were down as much as 25% during
intraday trading on October 11, 2016.
If you purchased shares of Illumina during the Class Period you
may move the Court no later than February 14,
2017 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161220005917/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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