The Shareholders Foundation announced that an investor in NASDAQ:ILMN shares filed a lawsuit over alleged violations of Federal Securities Laws by Illumina, Inc.
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 +1(858) 779 – 1554.
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’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.
Those who purchased NASDAQ:ILMN shares 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