NEW YORK, April 23, 2018 /PRNewswire/ -- Bernstein Liebhard LLP announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Myriad Genetics, Inc. ("Myriad Genetics" or the "Company") (NASDAQ: MYGN) between August 13, 2014 and March 12, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Myriad Genetics investors under the federal securities laws.
According to the lawsuit, throughout the Class Period, Defendants made 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, during aftermarket hours, Myriad disclosed that it had received a subpoena from the U.S. 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 cancer test—through the date of the subpoena's issuance. On this news, Myriad's stock fell $4.01, or 12.14%, to close at $29.01 on March 13, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than June 19, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.