Illumina Class Action Lawsuit Announced by Gilman Law LLP on Behalf of Shareholders Alleging Conflict of Interest in Recent Proposed Acquisition by Roche
Illumina Class Action Lawsuit was filed by shareholders in Illumina, Inc.(NASDAQ:ILMN) alleging conflicts of interest in the recent proposed acquisition by Roche. The plaintiffs allege that the defendants breached their fiduciary duties by, among other things, by refusing to engage in negotiations and/or substantive dialogue with Roche which resulted in the defendants failing to get the best price for Illumina shareholders.
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Illumina Class Action Lawsuit Details
During December 2011, Roche communicated to top executives at Illumina, that Roche had an interest in acquiring Illumina. Plaintiffs claim that shortly thereafter Roche formally offered to acquire all of the shares of Illumina’s common stock. Instead of considering this offer or negotiating a higher bid, Defendants, at the advice of Goldman Sachs, flatly rejected the offer. Goldman Sachs benefited financial from its recommendation that Illumina reject the Roche offer.
On January 24, 2012, Roche publicly announced that it wanted to acquire all outstanding shares of Illumina, Inc. for $44.50 per share. Following the announcement Illumina shares surged on January 25, 2012 above the current offer and closed as high as $55.15.
Again, instead of negotiating a higher price Illumina announced on January 26, 2012 that its Board of Directors adopted a “Rights Agreement,” a/k/a poison pill, which allows directors to deflect offers for a company. Plaintiffs claim that defendants failed to act in the best interest of shareholders and failed to maximize the value shareholders would receive by depriving the Illumina, Inc. public stockholders of the opportunity to fully realize the benefits of their investment.
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The securities law attorneys of Gilman Law have more than 35 years of experience in securities law and have been involved in all major aspects of securities litigation. Gilman Law handles cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration.