NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ:MYGN) of the June 19, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Myriad stock or options between August 13, 2014 and March 12, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MYGN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all those who purchased Myriad securities between August 13, 2014 and March 12, 2018 (the “Class Period”). The case, Kessman v. Myriad Genetics et al, No. 18-cv-00336 was filed on April 20, 2018, and has been assigned to Judge Paul M. Warner.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was filing improper payment claims under Medicare and Medicaid for its hereditary cancer testing.
Specifically, on March 12, 2018, the Company filed a Form 8-K with the Securities and Exchange Commission, disclosing that “[t]he Company recently 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.” The Company further stated that the “Subpoena requested that the Company produce documents relating primarily to the Company’s billing to government-funded healthcare programs for the Company’s hereditary cancer testing.”
After the announcement, Myriad’s share price fell from $33.02 per share on March 12, 2018 to a closing price of $29.01 on March 13, 2018—a $4.01 or a 12.1% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Myriad’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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