NEW YORK, Dec. 23, 2016 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in Illumina, Inc. ("Illumina" or the "Company") (NASDAQ:
ILMN) of the February 14, 2017
deadline to seek the role of lead plaintiff in a federal securities
class action lawsuit filed against the Company and certain
officers.
The lawsuit has been filed in the U.S. District Court for the
Southern District of California on
behalf of all those who purchased Illumina securities between
July 26, 2016 and October 10, 2016 (the "Class Period"). The
case, Chen v. Frontline Global Trading Pte. Ltd. et al, No.
3:16-cv-03044 was filed on December 16,
2016, and has been assigned to Judge Marilyn L. Huff.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by making false and/or misleading
statements and/or failing to disclose: (1) Illumina was
experiencing a significant decline in high throughput sequencing
instrument sales; (2) that the aforementioned decline was impacting
the Company's revenue; (3) that Illumina lacked visibility into
trends that could have a significant impact on its financial
results; (4) that, as such, the Company's revenue guidance was
unreliable and overstated; and (5) that, as a result, Illumina's
statements about its business, operations, and prospects, were
false and misleading and/or lacked a reasonable basis.
Specifically, on October 10, 2016,
Illumina announced dismal financial results for third quarter of
fiscal year 2016. Illumina estimated third quarter revenue of
approximately $607 million, lower
than the Company's guidance of $625 million
to $630 million. Illumina accredited the lower revenue
to "larger than anticipated year-over-year decline in high
throughput sequencing instruments." Additionally, Illumina
revealed it expected fourth quarter revenue to be flat to slightly
up sequentially.
On this news, Illumina's share price fell from $ 184.85 on October 10,
2016 to a closing price of $138.99 on October 11,
2016 —a $45.86 or a 24.81%
drop.
Request more information now by clicking here:
www.faruqilaw.com/ILMN . There is no cost or obligation
to you.
Take Action
If you invested in Illumina stock or options between
July 26, 2016 and October 10, 2016 and would like to discuss your
legal rights, visit www.faruqilaw.com/ILMN. You can also contact us
by calling Richard Gonnello toll
free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding Illumina's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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