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On October 10, 2016, Illumina issued a press release entitled "Illumina Announces Preliminary Revenue for Third Quarter of Fiscal Year 2016." In the press release, the Company announced estimated third quarter revenue of approximately $607 million, which was lower than the Company's third quarter revenue guidance in the range of $625 million to $630 million. The Company attributed the shortfall to "larger than anticipated year-over-year decline in high throughput sequencing instruments." Illumina concurrently announced that it expected fourth quarter revenue to be flat to slightly up sequentially.
On this news, Illumina's share price fell $45.86, or 24.8%, to close at $138.99 on October 11, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-illumina-inc---ilmn-300382133.html
SOURCE Pomerantz LLP