Illumina Investors Claim Goldman Bias In Suit Over Roche Bid

Law360, New York (February 15, 2012, 4:04 PM ET) -- A group of Illumina Inc. shareholders launched a putative class action Tuesday accusing the gene sequencing company and its board of directors of deciding to reject a takeover bid by drugmaker Roche Holding Ltd. based on bad advice from an obviously conflicted Goldman Sachs & Co.

The suit, filed in Delaware Chancery Court, claims Illumina and its board of breached their fiduciary duty by employing a poison pill plan to thwart Roche's January offer to buy the company for $44.50 per share — a 43 percent...
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