The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Illumina, Inc. in Connection with a Merger Proposal from Roche

Thursday, January 26, 2012

The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Illumina, Inc. in Connection with a Merger Proposal from Roche13:43 EST Thursday, January 26, 2012 NEW YORK (Business Wire) -- Levi & Korsinsky is investigating the Board of Directors of Illumina, Inc. (“Illumina” or the “Company”) (Nasdaq: ILMN) for possible breaches of fiduciary duty and other violations of state law in connection with an unsolicited merger proposal from Roche. Under the proposed agreement, Roche would acquire all outstanding shares of Illumina for $44.50 per share in cash. The transaction has a total approximate value of $5.7 billion. Click here to learn how to join the action: http://www.zlk.com/illumina-ilmn, or call: 877-363-5972. The investigation concerns whether the Illumina Board of Directors breached their fiduciary duties Illumina stockholders by allegedly failing to engage in meaningful discussion with Roche regarding the merger proposal. In a January 25, 2012 letter to Illumina's President and CEO, Roche's Chairman suggested that “Illumina has been unwilling to participate in substantive discussions.” Roche's current offer represents a 64% premium over Illumina's stock price on December 21, 2011. Furthermore, the Company said that it is adopting a "poison pill" takeover defense in the wake of an unsolicited buyout proposal from Roche. If you own common stock in Illumina and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com. Levi & Korsinsky has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.30 Broad Street - 15th FloorNew York, NY 10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171www.zlk.com