RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Myriad Genetics, Inc. (NASDAQ: MYGN) (“Myriad” or the “Company”) publicly traded securities between August 13, 2014 and March 12, 2018, inclusive (the “Class Period”).
Myriad shareholders may, no later than June 19, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Myriad and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Myriad develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, and catch disease at an early stage. Myriad purports to employ a variety of proprietary techniques designed to provide an understanding of the genetic basis of disease and the role of genes in the onset, progression and treatment of disease. In September 2013, Myriad launched its proprietary 25-gene myRisk Hereditary Cancer test (“myRisk”), which includes testing for multiple genes associated with cancer, including BRCA1 and BRCA2, both of which are associated with breast and ovarian cancer.
The Class Period commences on August 13, 2014, when Myriad filed an Annual Report on Form 10-K with the SEC, announcing the company’s financial and operating results for the quarter and fiscal year ended June 30, 2014.
According to the complaint, on March 12, 2018, Myriad disclosed that it had received a subpoena from the Department of Health and Human Services, Office of Inspector General, in connection with “an investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid,” specifically relating to Myriad’s hereditary cancer testing. The subpoena covers a time period from January 1, 2014 – less than four months after the September 2013 launch of Myriad’s myRisk test – through the date of the subpoena’s issuance. Following this news, Myriad’s share price fell $4.01, or 12.14%, to close at $29.01 on March 13, 2018.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that (i) Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the company’s hereditary cancer testing; (ii) the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action; (iii) Myriad’s revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable; and (iv) as a result, Myriad’s public statements were materially false and misleading at all relevant times.
If you are a member of the class, you may, no later than June 19, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.