Illumina Faces Class Action Lawsuit and SEC Investigation Over GRAIL Acquisition

Investors allege personal financial motives behind the deal, causing significant stock price drop.

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.