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Lawsuit filed for Investors in shares of Myriad Genetics, Inc. (NASDAQ: MYGN)

10-07-2019 06:31 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Myriad Genetics, Inc. (NASDAQ: MYGN) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Myriad Genetics, Inc. (NASDAQ: MYGN) shares over alleged securities laws violations.

An investor, who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN), filed a lawsuit over alleged violations of Federal Securities Laws by Myriad Genetics, Inc.

Investors who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

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

Those who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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