WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Myriad Genetics, Inc. (NASDAQ GS: MYGN)?
- Did you purchase your shares between August 13, 2014 and March 12, 2018, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Utah on behalf of all persons or entities that purchased the common stock of Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ GS: MYGN) between August 13, 2014 and March 12, 2018, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Myriad during the Class Period, or purchased shares prior to the Class Period and still hold Myriad, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at email@example.com.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 12, 2018, post-market, 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.
On this news, shares of Myriad declined over 12%, closing at $29.01 per share on March 13, 2018, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 19, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Attorney advertising. Prior results do not guarantee a similar outcome.