San Diego, CA -- (SBWIRE) -- 02/16/2012 -- A second lawsuit was filed by another investor in NASDAQ:ILMN shares against members of the board of directors of Illumina, Inc. The plaintiff alleges the defendants breached their fiduciary duties by, among other things, failing to get the best price for Illumina shareholders and their refusal to engage in negotiations or any substantive dialogue with Roche
Investors who purchased shares of Illumina, Inc. (NASDAQ:ILMN) shares and currently hold those NASDAQ:ILMN shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
Beginning in mid December 2011, Roche communicated to top executives at Illumina, that Roche had an interest in acquiring Illumina. The plaintiff claims that as early as early January 2012 the Chairman of Roche formally offered to acquire 100 % of the issued and outstanding shares of Illumina’s common stock for $40.00 per share, but rather considering the offer or negotiating for a higher bid the defendants flatly rejected the offer.
Then on January 24, 2012, Roche publicly announced that it wants to acquire all outstanding shares of Illumina, Inc. for $44.50 per share in cash. Following the announcement Illumina shares surged on January 25, 2012 above the current offer and closed as high as $55.15.
However, instead of negotiating a higher price Illumina, Inc. (NASDAQ:ILMN) announced on January 26, 2012 that its Board of Directors adopted a Rights Agreement, also known as a poison pill that allows to deflect offers for a company.
The plaintiff claims that defendants failed to act in the best interest of shareholders and failed to maximize the value shareholders would receive instead defendants deprived the public stockholders of Illumina, Inc. of the opportunity to fully realize the benefits of their investment in the company.
Further the plaintiff alleges that the defendants are relying at least in part on advice from Goldman Sachs, even though Goldman Sachs is conflicted and has an economic disincentive to recommend the offer by Roche.
Those who are current investors in Illumina, Inc. (Public, NASDAQ:ILMN) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego