NEW YORK, Feb. 13, 2017 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Illumina, Inc. (“Illumina” or the “Company”) (NASDAQ:ILMN) between July 26, 2016 and October 10, 2016. You are hereby notified that a securities class action has commenced in the USDC for the Southern District of California. To get more information go to:
http://www.zlk.com/pslra/illumina-inc
or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that 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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.