NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Myriad securities between August 13, 2014, and March 12, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/mygn .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the Company’s hereditary cancer testing; (2) the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action; (3) Myriad’s revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable; and (4) as a result, Myriad’s public statements were materially false and misleading at all relevant times.
On March 12, 2018, post-market, Myriad disclosed that it had 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. The subpoena covers a time period from January 1, 2014—less than four months after the September 2013 launch of Myriad’s myRisk test—through the date of the subpoena’s issuance. Following this news, Myriad stock dropped $4.01 per share, or 12.14%, to close at $29.01 on March 13, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/mygn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Myriad you have until June 19, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
