Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Myriad Genetics (NASDAQ:MYGN) in connection to alleged violations of securities laws by MYGN. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Myriad Genetics between August 13, 2014 and March 12, 2018.
The class action complaint specifically alleges that during the period in question, MYGN might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company filed Medicare and Medicaid payment claims that were false or inappropriate for its hereditary cancer testing; that were this conduct to come to light, it could result in increased regulatory scrutiny and/or enforcement action against the company; that the revenues generated from these inappropriate activities was not sustainable; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company disclosed post-market on March 12, 2018 that it had received a subpoena from the Department of Health and Human Services, Office of the Inspector General, connected to an “investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid,” the company’s stock declined $4.01/share, or 12.14%, closing at $29.01/share on the following day. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Myriad Genetics is a healthcare company “focused on revolutionizing patient care” by discovering, developing, and marketing new molecular diagnostic tests across a variety of specialties. The company notes that more than 1.5 million patients have benefited from its hereditary genetic cancer testing. It trades on the Nasdaq exchange under the symbol MYGN.