Why Illumina Shares Are Plunging Today?

Benzinga · 05/09/2022 18:13
  • A jury in the U.S. District Court for the District of Delaware rendered a verdict that Illumina Inc (NASDAQ:ILMN) willfully infringed the U.S. Patent Nos. 9,222,132 and 10,662,473 owned by Complete Genomics Inc.
  • The jury awarded approximately $334 million to CGI in past damages.
  • The jury also invalidated three patents owned by Illumina, namely, U.S. Patent Nos. 9,217,178; 9,303,290; and 9,970,055. 
  • Illumina said it disagrees with the jury's verdict and intends to defend the action, including filing all appropriate appeals vigorously. 
  • In its SEC filing, Illumina said that if their appeals are unsuccessful, they could be required to pay interest on the judgment and an ongoing royalty at a rate to be determined by the court until the patents expire in January 2029. 
  • In addition, although CGI may seek an injunction, we do not believe there is a reasonable basis for the court to grant one.
  • Price Action: ILMN shares are down 10.40% at $223.14 during the market session on the last check Monday.