Illumina, Inc. (NASDAQ:ILMN) Investor files Lawsuit against Directors for alleged Failure to Maximize Shareholder Value
The Shareholders Foundation announces that an investor in shares of Illumina, Inc. (NASDAQ:ILMN) filed a lawsuit in State Court against directors of Illumina, Inc. alleged they breached their fiduciary duties to maximize shareholder value after Roche proposed to takeover Illumina for $44.50 per share.
Investors who purchased Illumina, Inc. (NASDAQ:ILMN) shares prior to January 24, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges that the directors breached their fiduciary duties owed to NASDAQ:ILMN stockholders in connection with the takeover offer.
On January 24, 2012, Roche announced that it is proposing to acquire all outstanding shares of Illumina, Inc. (NASDAQ:ILMN) for $44.50 per share in cash, or an aggregate of approximately $5.7 billion on a fully diluted basis.
The next day Illumina, Inc. confirmed that that Roche has made an unsolicited acquisition proposal.
Following the takeover proposal shares of Illumina, Inc. (NASDAQ:ILMN) jumped from $37.68 per share on January 24 2012 above the current offer and closed on Wednesday as high as $55.15.
In fact, ILMN shares traded as recently as September 14, 2011 with $51.59 per share significantly above the offer and in July 2011 even as high as $77.88.
Then on January 26, 2012, Illumina, Inc. (NASDAQ:ILMN) announced that its Board of Directors adopted a Rights Agreement.
Such a Shareholder Rights Agreement is also known as a poison pill that allows to deflect offers for the company.
However, the plaintiff claims that defendants failed to act in the best interest of shareholders and failed to maximize the value shareholders would receive.
Those who are current investors in Illumina, Inc. (Public, NASDAQ:ILMN) shares, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail(at)shareholdersfoundation.com
Issued By: ShareholdersFoundation
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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