SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) announces that a securities class action case was filed on behalf of purchasers of Myriad Genetics, Inc. (NASDAQ:MYGN) common stock between August 13, 2014 and March 12, 2018 (the “Class Period”). This action was filed in the District of Utah and is captioned Kessman v. Myriad Genetics, Inc., No. 2:18-cv-00336.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Myriad stock during the Class Period to seek appointment as lead plaintiff. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. If you wish to serve as lead plaintiff or have questions concerning your rights, please contact Mary Blasy of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. Robbins Geller has not filed a complaint in this action. Lead plaintiff motions must be filed with the court no later than 60 days from April 20, 2018.
The complaint charges Myriad and four of its senior executive officers with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants made materially false and misleading statements throughout the Class Period regarding the Company’s business, operations and compliance policies, including that Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the Company’s proprietary 25-gene myRisk Hereditary Cancer test, which conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action, and that, as a consequence, Myriad’s revenues from its myRisk cancer testing were in part the product of improper conduct and, therefore, unlikely to be sustainable. As a result of this improper conduct, the price of Myriad stock was artificially inflated during the Class Period, reaching a high of over $45 per share.
After the market closed 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 its “investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid.” The subpoena specifically related to Myriad’s myRisk cancer testing and covered 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, the price of Myriad stock declined more than 12%, to close at $29.01 per share on March 13, 2018.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both the amount recovered for shareholders and the total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.
