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PacBio Settles Suits With Investors

NEW YORK (GenomeWeb) – Pacific Biosciences has settled five lawsuits investors had brought against it in connection with the proposed acquisition by Illumina, according to documents filed with the Securities and Exchange Commission this week.

Last November, Illumina said that it planned to acquire PacBio for $1.2 billion, an agreement that both companies' boards of directors had approved. Following the announcement, PacBio investors filed five different class action complaints. The complaints alleged that PacBio did not accurately value its shares.

This week, all parties from each of the lawsuits agreed to settle. PacBio will pay $300,000 in attorneys' fees and the plaintiffs will dismiss their cases.