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ILMN.US
id: 853

Illumina (ILMN) GRAIL Merger Case

S.D. California
Court
3:23-cv-02082
Case number
01 May 2023
Class period Start
16 Oct 2023
Class period End
12 Jan 2024
Lead Plaintiff motion deadline
  • Illumina acquired Grail without securing regulatory approval, facing regulatory scrutiny and $0.5B in fines.
  • Since the acquisition news, $ILMN lost ~70% of shareholder value.
  • Investor suspects Illumina & its BoD of downplaying regulatory risk and not prioritizing shareholder interests in the GRAIL merger.
On August 18, 2021, Illumina (ILMN) announced that it acquired GRAIL, a healthcare company focused on life-saving early detection of multiple cancers but $ILMN will hold GRAIL as a separate company during the European Commission's ongoing regulatory review.
  • On 6 September 2022, the Commission prohibited the acquisition of GRAIL by Illumina over concerns that the merger would have stifled innovation and reduced choice in the emerging market for blood-based early cancer detection tests.
  • On July 12, 2023, EU regulators fined Illumina a record EUR 432 million for closing its acquisition of Grail without first securing regulatory approval.
  • On October 18, 2023, Activist-investor Carl Icahn sued the board of directors at $ILMN and accused them of breaching their fiduciary duties.
Investors have reasons to suspect that Illumina & its BoD downplayed the regulatory risk and did not act in the best shareholder interests by closing the GRAIL merger.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
18 October 2023
Filing date
10 November 2023
Lead Plaintiff Deadline
12 January 2024
Judge
Linda Lopez
Collecting participants…

Illumina Inc

Illumina, Inc. offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illum...

    Ticker
    ILMN.US
    ISIN
    US4523271090
    CIK
    1110803
    Sector
    Healthcare
    Industry
    Diagnostics & Research
    Country
    USA
    Address
    5200 Illumina Way, San Diego, CA, United States, 92122