{"id":74265,"date":"2023-10-19T02:18:30","date_gmt":"2023-10-19T06:18:30","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/carl-icahn-sues-illumina-board-for-violating-fiduciary-duties\/"},"modified":"2023-10-19T02:18:33","modified_gmt":"2023-10-19T06:18:33","slug":"carl-icahn-sues-illumina-board-for-violating-fiduciary-duties","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74265","title":{"rendered":"Carl Icahn sues Illumina board for violating ‘fiduciary duties’"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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(Reuters) -Activist-investor Carl Icahn sued the board of directors at genetic testing company Illumina (NASDAQ:) and accused them of breaching their fiduciary duties, according to a sealed copy of the complaint. <\/p>\n

The publicly available version of the complaint did not contain further details, but Icahn told the 13D Monitor Active-Passive Investor Summit in New York on Tuesday that the lawsuit pertained to Illumina completing its acquisition of cancer diagnostic test maker Grail.<\/p>\n

Earlier this month the EU ordered Illumina to sell Grail.<\/p>\n

The purchase of Grail had been a centerpiece of Icahn’s successful proxy fight at Illumina earlier this year, when he pushed the company to unwind the deal, arguing it cost investors billions.<\/p>\n

Illumina said it is reviewing the complaint, but did not immediately respond to Reuters requests for additional comment.<\/p>\n

Icahn, 87, said on Wednesday that he has never found it necessary to sue a company’s board of directors until now.<\/p>\n

“I have done so today in light of, among other things, the board’s unconscionable and egregious actions relating to closing the acquisition of Grail without regulatory approval, thus putting Illumina, a great company, in harm\u2019s way,” he said.<\/p>\n

Illumina’s stock price has tumbled 36% since January, and the board replaced the CEO soon after Icahn won one board seat. <\/p>\n

The gene-sequencing machine maker had repurchased Grail in 2021 despite opposition from U.S. and European antitrust regulators.<\/p>\n

Last week, Illumina said it would divest Grail in 12 months, according to the terms of the European Commission’s order, if it does not win its challenge in court.<\/p>\n

San Diego-based Illumina in September named former Agilent Technologies (NYSE:) executive Jacob Thaysen as its CEO.<\/p>\n

“I continue to believe in the company’s long-term potential and I have full faith in Illumina’s new CEO, and its employees,” Icahn said in the statement.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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