LegalAug 7, 2026, 04:33 PM
Illumina Settles Icahn Lawsuit Over GRAIL Acquisition
AI Summary
Illumina, Inc. has entered into a Release Agreement to settle the litigation captioned Icahn Partners LP, et al., v. Francis DeSouza, et al., effective August 21, 2025. The settlement involves mutual releases and no payment by any party, leading to the dismissal of the action with prejudice as to the plaintiffs only, and without prejudice to other Illumina stockholders. The lawsuit related to alleged breaches of fiduciary duties concerning the company's acquisition of GRAIL, Inc. A court hearing to approve the proposed dismissal is scheduled for November 2, 2026.
Key Highlights
- Settled lawsuit: Icahn Partners LP, et al., v. Francis DeSouza, et al.
- Release Agreement effective August 21, 2025.
- Settlement terms include mutual releases with no payment by any party.
- Action to be dismissed with prejudice for plaintiffs only.
- Dismissal is without prejudice to other Illumina stockholders.
- Court hearing for proposed dismissal on November 2, 2026, at 1:30 p.m. ET.
- Lawsuit concerned alleged fiduciary duty breaches related to GRAIL acquisition.
- Defendants deny all claims, wrongdoing, and liability.
Price Impact
More from ILMN