BENSALEM, Pa.--(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 [email protected].
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 [email protected], 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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