A Deadline is coming up on February 14, 2017 in the lawsuit for investors in Illumina, Inc. (NASDAQ:ILMN) and NASDAQ:ILMN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/27/2017 -- The Shareholders Foundation announces that a deadline is coming up on February 14, 2017 in the lawsuit filed for certain investors of Illumina, Inc. (NASDAQ:ILMN) over alleged securities laws violations by Illumina.
Investors who purchased shares of Illumina, Inc. (NASDAQ:ILMN) have certain options and there are strict and short deadlines running. Deadline: February 14, 2017. NASDAQ:ILMN stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint filed in the U.S. District Court for the Southern District of California the plaintiff alleges on behalf of purchasers of Illumina, Inc. (NASDAQ:ILMN) common shares between July 26, 2016 and October 10, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 26, 2016 and October 10, 2016 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.
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