Overview

• Illumina, Inc. is facing a class action lawsuit filed on behalf of investors who purchased Illumina securities between May 1, 2023 and October 16, 2023.
• The lawsuit alleges that certain insiders at Illumina had personal financial motives for acquiring GRAIL, Inc., a cancer diagnostic test maker.
• The SEC is investigating Illumina's statements regarding its acquisition of GRAIL, including conduct and compensation of certain members of Illumina and GRAIL management.
• Activist-investor Carl Icahn filed a complaint against current and former directors of Illumina, alleging breaches of fiduciary duty related to the acquisition of GRAIL.
• Illumina's stock price fell significantly following these revelations, causing financial losses for investors.