Illumina Inc (NASDAQ: ILMN) Investor Securities Class Action Lawsuit 12/16/2016

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Company Name(s): 
Illumina
Case Name: 
Illumina Shareholder Class Action Lawsuit 12/16/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ILMN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/16/2016
Class Period Begin: 
07/26/2016
Class Period End: 
10/10/2016
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
02/14/2017
Date Settled: 
01/08/2020
Settlement Amount: 
$13,850,000
Deadline to Participate in Settlement: 
04/27/2020
Settlement Notice: 
Settlement Proof: 
Summary: 

January 8, 2020 - The court preliminarily approved the settlement.

June 11, 2019 - Parties filed a stipulation of settlement.

January 22, 2018 - The court granted in part and denied in part defendants' motion to dismiss.

July 31, 2017 - Defendants filed a motion to dismiss.

May 30, 2017 - The lead plaintiff filed an amended complaint.

March 30, 2017 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

February 14, 2017 - Lead plaintiff motions were filed.

December 16, 2016 - An investor in shares of Illumina Inc (NASDAQ: ILMN) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Illumina Inc in connection with certain allegedly false and misleading statements made between July 26, 2016 and October 10, 2016.

According to the complaint 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 Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Illumina Inc reported that its Total Revenue rose from over $1.42 billion for the 52 weeks period that ended on December 29, 2013 to over $2.21 billion for the 12 months period that ended on January 3, 2016 and that its Net Income for those respective time periods increased from $125.31 million to $461.56 million.

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.