Processing your request


please wait...

Case Page

 

Case Status:    DISMISSED    
On or around 01/29/2019 (Notice of voluntarily dismissal)

Filing Date: December 11, 2018

According to the Complaint, Pacific Biosciences of California, Inc. ("Pacific Biosciences" or the Company) designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The Company’s single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time. The Company also provides consumable products, including SMRT cells, as well as various reagent kits, such as template preparation, binding, and sequencing kits. Its customers include research institutions; commercial laboratories; genome centers; clinical, government, and academic institutions; genomics service providers; pharmaceutical companies; and agricultural companies.

On November 1, 2018, Pacific Biosciences announced that it had entered into the Agreement and Plan of Merger (the “Merger Agreement”) with Illumina, whereby Illumina would acquire Pacific Biosciences in a two-step merger, with the Company surviving the Proposed Transaction as an indirect, wholly owned subsidiary of Illumina.

On December 5, 2018, Defendants caused the Proxy to be filed with the SEC in connection with the Proposed Transaction. The Proxy solicits the Company’s shareholders to vote for the Proposed Transaction. Defendants were obligated to carefully review the Proxy before it was filed with the SEC and disseminated to the Company’s shareholders to ensure that it did not contain any material misrepresentations or omissions. However, the Complaint alleges that the Proxy misrepresents and/or omits material information that is necessary for the Company’s shareholders to make an informed decision concerning whether to support the deal, in violation of Sections 14(a) and 20(a) of the Exchange Act.

This case was voluntarily dismissed as moot on January 29, 2019.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PACB
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 18-CV-07450
JUDGE: Hon. William Alsup
DATE FILED: 12/11/2018
CLASS PERIOD START: 11/01/2018
CLASS PERIOD END: 12/11/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wolf Haldenstein Adler Freeman & Herz LLP (San Diego)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available