According to the law firm press release, the filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and failed to disclose: (1) that the Company was experiencing a large decline in high throughput sequencing instrument sales; (2) that the decline was negatively impacting the Company’s revenue; (3) that the Company lacked visibility into trends that could have a substantial impact on the Company’s financial results; (4) that, as such, the Company’s revenue guidance was unreliable and overstated; and (5) that, as a result of the foregoing, Defendants’ positive statements about Illumina’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On March 30, 2017, the Court issued an Order Consolidating Cases and Appointing Lead Plaintiff and Counsel. The Consolidated Cases shall be identified as: in re Illumina, Inc., Securities Litigation. On May 30, Lead Plaintiff filed an Amended Complaint.

On January 22, 2018, the Court issued an Order granting in part and denying in part Defendant's Motion to Dismiss. Plaintiffs were given leave to file an amended complaint.

On June 11, 2019, the parties entered into a Stipulation and Agreement of Settlement. On December 18, the Court conditionally granted preliminary approval of the Settlement.