LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN) between August 13, 2014 through March 12, 2018, inclusive (the “Class Period”). Myriad investors have until June 19, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Myriad case page on our website at www.glancylaw.com/case/myriad-genetics-inc. Investors that suffered losses on their Myriad investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On March 12, 2018, Myriad disclosed that it received a subpoena from the Department of Health and Human Services in connection with an investigation into possible false Medicare and Medicaid payment claims. The subpoena purportedly requested documents “relating primarily to the Company’s billing to government-funded healthcare programs for the Company’s hereditary cancer testing.”
On this news, Myriad’s share price fell $4.01 per share, or 12.1%, to close at $29.01 per share on March 13, 2018, thereby injuring investors.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for Myriad’s hereditary cancer testing; (2) the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action; (3) Myriad’s revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable; and (4) as a result, Myriad’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Myriad during the Class Period you may move the Court no later than June 19, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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