October 24, 2016 (Shareholders Foundation) - An investigation on behalf of investors in shares of Illumina, Inc. (NASDAQ:ILMN) was announced over potential breaches of fiduciary duties by certain directors at Illumina.

The investigation by a law firm concerns whether certain Illumina directors breached their fiduciary duties and caused damage to the company and its shareholders.

Illumina, Inc. reported that its Total Revenue rose from over $1.42 billion for the 52 weeks period that ended on December 29, 2013 to over $2.21 billion for the 12 months period that ended on January 3, 2016 and that its Net Income for those respective time periods increased from $125.31 million to $461.56 million.

On April 18, 2016, Illumina, Inc. reported preliminary first-quarter revenue. Illumina, Inc. said it expects revenues of$572 million, well below the $596 million originally forecast, citing weak device sales. Illumina, Inc. also stated that it sees 2016 revenue growth of 12 percent; it's slowest in four years. Shares of Illumina, Inc. (NASDAQ:ILMN) declined on April 19, 2016, to as low as $132.51 per share and then rose to as high as $186.88 per share on October 6, 2016.

Then on October 10, 2016, Illumina, Inc. (NASDAQ:ILMN) announced estimated third quarter revenue of approximately $607 million. Illumina, Inc. said that this unaudited estimate, based on management's preliminary financial analysis, is lower than the third quarter revenue guidance of $625 million to $630 million and that the shortfall in quarterly revenue was driven by a larger than anticipated year-over-year decline in high throughput sequencing instruments, and that as a result, the company expects fourth quarter revenue will be flat to slightly up sequentially.

Shares of Illumina, Inc. (NASDAQ:ILMN) dropped from $186.70 per share on October 10, 2016, to as low as $133.80 per share on October 12, 2016.