Securities fraud class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Myriad Genetics Inc., (“Myriad” or the “Company”) (NASDAQ: MYGN). If you purchased or otherwise acquired Myriad securities from September 2, 2016 through August 13, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than November 26, 2019.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Myriad investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
Background on the Myriad Securities Class Litigation
Myriad, incorporated and headquartered in Salt Lake City, Utah, is a molecular diagnostic company that develops and markets predictive, personalized, and prognostic medicine tests. Myriad offers, among other products, GeneSight, a DNA genotyping test to aid psychotropic drug selection for depressed patients, and Foresight, a test for future parents to assess their risk of passing on a recessive genetic condition to their offspring.
The action alleges that during the Class Period, Myriad misrepresented and failed to disclose that: (1) GeneSight lacked sufficient evidence or information to support the tests in their current form and their purported benefits; (2) the U.S. Food and Drug Administration (“FDA”) had requested that Myriad make changes to GeneSight and questioned the validity of the test’s purported benefits; (3) the Company had been in discussions with the FDA regarding the changes to GeneSight that the agency requested; and (4) Myriad’s acquisition of Counsyl, Inc. and its product Foresight had caused the Company to risk receiving lower reimbursement for its expanded carrier screening tests, which could potentially, and did in fact result in a material negative impact on Myriad’s revenue.
On August 13, 2019, Myriad revealed that the FDA requested changes to the GeneSight test offering and that the Company has “been in ongoing discussions with the FDA regarding its request.” In addition, Myriad disclosed that the FDA had questioned whether the validity of GeneSight’s purported benefits had been established and that the agency had increasingly questioned the claims of marketed genetics tests such as GeneSight since at least late 2018. On this news, the price of Myriad common stock fell $19.05 per share, or 42.76%, from a closing price of on $44.55 on August 13, 2019, to close at $25.50 per share on August 14, 2019, on extremely heavy trading volume.
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The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”