EXACT Sciences Corporation (NASDAQ:EXAS) Investor Investigation Over Possible Breaches Of Fiduciary Duties Announced

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Company Name(s): 
EXACT Sciences
Affected Securities: 

May 26, 2017 (Shareholders Foundation) - An investigation on behalf of investors in shares of EXACT Sciences Corporation (NASDAQ:EXAS) was announced over potential breaches of fiduciary duties by certain officers and directors at EXACT Sciences.

The investigation by a law firm concerns whether certain EXACT Sciences directors breached their fiduciary duties and caused damage to the company and its shareholders.

Madison, WI based Exact Sciences Corporation is a molecular diagnostics company that focuses on the early detection and prevention of some forms of cancer. EXACT Sciences Corporation reported that its annual Total Revenue rose from $39.44 million in 2015 to $99.38 million in 2016 and that its Net Loss increased from $157.80 million in 2015 to $167.21 million in 2016.

Shares of EXACT Sciences Corporation (NASDAQ:EXAS) grew from $5.57 per share in May 2016 to as high as $36.14 per share on May 8, 2017.

On May 15, 2017, a reprot was published on EXACT Sciences Corporation and stated, "Exact Sciences pushes a cancer test (Cologuard) to the public, inferior by its own admission, and loses money doing it." Cologuard is a branded laboratory-based scan for DNA traces in stool samples, indicating colorectal cancer. The report mentioned a recent account from United Healthcare, that disapproved of the use of fecal DNA testing for colorectal cancer screening and monitoring, and found it to be "unproven and not medically necessary." The article stated that "key metrics not disclosed by Exact Sciences are getting worse, while Medicare pricing inefficiencies end next January and investors will be left with a decaying asset with no terminal value." The article continued to say that "Poop in a box will probably be a medical dinosaur in 4 years and the value of Exact's only asset will be 0."

Shares of EXACT Sciences Corporation (NASDAQ:EXAS) declined on May 18, 2017 to $29.45 per share.