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.
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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 email@example.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.
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