RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a class action lawsuit has been filed against Myriad Genetics, Inc. (NASDAQ: MYGN) (“Myriad” or the “Company”) on behalf of investors who purchased the Company’s securities between August 13, 2014 and March 12, 2018, inclusive (the “Class Period”).
FINAL DEADLINE NOTICE: Investors who purchased Myriad’s securities during the Class Period may, no later than June 19, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Myriad investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258–1585 or (888) 715–1740 to discuss their legal rights and options with respect to this action before June 19, 2018. Myriad investors may also visit www.kaskelalaw.com/case/myriad-genetics to submit their information to the firm.
On March 12, 2018, Myriad disclosed that it 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.” Following this disclosure, shares of the Company’s stock fell $4.01 per share, or over 12%, to close on March 13, 2018 at $29.01 per share.
The class action complaint alleges that the defendants made false and misleading statements and/or failed to disclose to investors 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; and (iii) Myriad's revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable. The complaint further alleges that, as a result of the foregoing, investors purchased Myriad’s securities at artificially inflated prices during the Class Period and suffered significant investment losses following the Company’s March 12, 2018 disclosures.
Kaskela Law LLC exclusively prosecutes stockholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.