BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN) securities 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.
Investors that suffered losses on their Myriad investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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.
If you purchased shares of Myriad during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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