Summary: Activist-investor Carl Icahn has filed a lawsuit against current and former board directors at Illumina regarding the acquisition of Grail.
Billionaire activist-investor Carl Icahn’s firm has taken legal action against Illumina’s board over the company’s acquisition of gene-sequencing firm Grail, according to reports from the Financial Times. The lawsuit targets both current and former board directors. Icahn’s move comes in response to concerns regarding the acquisition and its impact on Illumina’s shareholders. Icahn’s firm has alleged that the Illumina board breached its fiduciary duties by approving the deal. The acquisition of Grail is seen by many as a key move in Illumina’s strategy to expand its presence in the genomics market.
Tags: Carl Icahn, Illumina, Grail, gene-sequencing, lawsuit