Myriad Genetics, Inc. (NASDAQ: MYGN) Investor Securities Class Action Lawsuit 10/02/2019

If you purchased a significant amount of shares of Myriad Genetics, Inc. (NASDAQ: MYGN) between September 2, 2016 and August 13, 2019, and / or if you purchased any NASDAQ: MYGN shares prior to September 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: November 26, 2019. NASDAQ: MYGN investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Myriad Genetics
Case Name: 
Myriad Genetics Shareholder Class Action Lawsuit 10/02/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: MYGN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/02/2019
Class Period Begin: 
09/02/2016
Class Period End: 
08/13/2019
Court of Filing: 
U.S. District Court for the District of Utah
Deadline To File for Lead: 
11/26/2019
Summary: 

An investor in shares of Myriad Genetics, Inc. (NASDAQ: MYGN) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by Myriad Genetics, Inc. in connection with certain allegedly false and misleading statements made between September 2, 2016 and August 13, 2019.

Salt Lake City, UT based Myriad Genetics, Inc., a molecular diagnostic company, develops and markets predictive, personalized, and prognostic medicine tests worldwide. Myriad Genetics, Inc. reported that its Total Revenue rose from $743.7 million for the 12 months period that ended on June 30, 2018 to $851.1 million for the 12 months period that ended on June 30, 2019 and that its Net Income over those respective time periods declined from $133.3 million to $4.6 million.

On August 13, 2019, after the market closed, Myriad Genetics, Inc issued its fourth quarter and full year results for 2019, reporting that revenue in the fourth quarter was 2% below expectations largely due to lower reimbursement for its expanded carrier screening test. Later that day, on Myriad’s earnings conference call with investors, Bryan Riggsbee, Myriad’s Chief Financial Officer, also revealed that “the FDA requested changes to the GeneSight [Psychotropic] test offering” and that Myriad has “been in ongoing discussions with the FDA regarding its request.” Shares of Myriad Genetics, Inc. (NASDAQ: MYGN) declined from $47.10 per share on August 13, 2019 to as low as $22.32 per share on August 23, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Myriad Genetics, Inc. (NASDAQ: MYGN) common shares between September 2, 2016 and August 13, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 2, 2016 and August 13, 2019, the defendants made false and/or misleading statements and/or failed to disclose that GeneSight lacked evidence or information sufficient to support the tests in their current form, including their purported benefits, that the U.S. Food and Drug Administration (“FDA”) had requested changes to GeneSight and questioned the validity of the test’s purported benefits, that Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight, that Myriad’s acquisition of Counsyl – and thereby, Foresight – caused the Company to incur the risk of suffering from lower reimbursement for its expanded carrier screening tests, which had the potential to, and actually did, materialize into a material negative impact on the Company’s revenue, and that as a result, Myriad’s public statements were materially false and misleading at all relevant times.