San Diego, CA -- (SBWire) -- 12/21/2016 --An investor, who purchased shares of Illumina, Inc. (NASDAQ:ILMN), filed a lawsuit in California over alleged Securities Laws violations by Illumina, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Illumina, Inc. (NASDAQ:ILMN) have certain options and for certain investors are short and strict deadlines running. Deadline: February 14, 2017. NASDAQ:ILMN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff claims that Defendants made allegedly false and/or misleading statements and failed to disclose that the Company was experiencing a large decline in high throughput sequencing instrument sales, that the decline was negatively impacting the Company's revenue, that the Company lacked visibility into trends that could have a substantial impact on the Company's financial results, that, as such, the Company's revenue guidance was unreliable and overstated, and 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 April 18, 2016, Illumina, Inc. reported preliminary first-quarter revenue. Illumina, Inc. said it expects revenues of$572 million, well below the $596 million originally forecast, citing weak device sales. Illumina, Inc. also stated that it sees 2016 revenue growth of 12 percent; it's slowest in four years. Shares of Illumina, Inc. (NASDAQ:ILMN) declined on April 19, 2016, to as low as $132.51 per share and then rose to as high as $186.88 per share on October 6, 2016.
Then on October 10, 2016, Illumina, Inc. (NASDAQ:ILMN) announced estimated third quarter revenue of approximately $607 million. Illumina, Inc. said that this unaudited estimate, based on management's preliminary financial analysis, is lower than the third quarter revenue guidance of $625 million to $630 million and that the shortfall in quarterly revenue was driven by a larger than anticipated year-over-year decline in high throughput sequencing instruments, and that as a result, the company expects fourth quarter revenue will be flat to slightly up sequentially.
Shares of Illumina, Inc. (NASDAQ:ILMN) dropped from $186.70 per share on October 10, 2016, to as low as $133.80 per share on October 12, 2016.
Those who purchased shares of Illumina, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Lawsuit Filed for Investors Who Suffered Losses from Their Investment in Illumina, Inc. (NASDAQ:ILMN)
A lawsuit was filed on behalf of investors in Illumina, Inc. (NASDAQ:ILMN) shares over alleged securities laws violations and NASDAQ:ILMN investors should contact the Shareholders Foundation.