NEW YORK, April 25, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Myriad Genetics, Inc. (NASDAQ: MYGN) ("Myriad" or the "Company") and other defendants, related to alleged violations of federal securities laws. If you purchased Myriad common stock between August 13, 2014 and March 12, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for additional information.
Myriad develops and markets molecular diagnostic products for physicians.
The lawsuit alleges that 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," and specifically relating to Myriad's hereditary cancer test, "myRisk."
Following this news, Myriad stock fell $4.01 per share, over 12%, to close at $29.01 on March 13, 2018.
What You Can Do
If you purchased Myriad stock between August 13, 2014, and March 12, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected]. Investors have until June 19, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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