The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of California on behalf of investors who purchased Illumina, Inc. (NASDAQ: ILMN) securities between July 26, 2016 and October 10, 2016.
According to the complaint, throughout the Class Period, Defendants failed to disclose that: (1) Illumina was suffering a large decline in its instrument sales; (2) this decline was damaging Illumina’s revenue; (3) Illumina lacked visibility into trends that could have a substantial impact on its financial results; (4) as such, Illumina’s revenue guidance was unreliable and overstated; and (5) consequently, Illumina’s statements concerning its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 10, 2016 Illumina announced disappointing financial results for the third quarter of fiscal year 2016. The company had predicted revenues of $625 to $630 million for the quarter. However, citing “declining demand for its high-speed genetic sequences” Illumina generated just $607 million. Following this news, Illumina stock dropped as much as 25% during intraday trading on October 11, 2016.
If you suffered a loss in Illumina you have until February 14, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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