RADNOR, Pa., May 26, 2018 (GLOBE NEWSWIRE) — Kaskela Law LLC alerts Myriad Genetics, Inc. (NASDAQ:MYGN) (“Myriad” or the “Company”) investors that a class action lawsuit has been filed on behalf of purchasers of the Company’s securities between August 13, 2014 and March 12, 2018, inclusive (the “Class Period”).
DEADLINE ALERT: Investors who purchased Myriad 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 or visit www.kaskelalaw.com/case/myriad-genetics for additional information.
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” – specifically relating to Myriad’s hereditary cancer testing.
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 shareholder class action complaint alleges that Myriad and certain of its senior executive officers 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 sustained significant investment losses following the Company’s March 12, 2018 disclosures.
Myriad investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via www.kaskelalaw.com/case/myriad-genetics, to discuss their legal rights and options with respect to this action prior to June 19, 2018.
Kaskela Law LLC exclusively prosecutes shareholder 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.