SHAREHOLDER ALERTS: Myriad Genetics, Inc. (NASDAQ:MYGN)
Miami, FL, May 24, 2018 (ShareholderAlerts.com) –A class action complaint has been filed on behalf of shareholders of Myriad Genetics, Inc. (NASDAQ:MYGN) who purchased shares between August 13, 2014 and March 12, 2018. The action, which was filed in the United States District Court for the District of Utah, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the Company’s hereditary cancer testing; (ii) the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action; (iii) Myriad’s revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable; and (iv) as a result, Myriad’s public statements were materially false and misleading at all relevant times. On March 12, 2018, Myriad Genetics filed an 8-K with the United States Securities and Exchange Commission disclosing the receipt of a subpoena from the Department of Health and Human Services concerning “an investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid.”
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Shareholders have until June 19, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please see contact information below.
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Download full complaint via Standford.edu: http://securities.stanford.edu/filings-documents/1065/MG00_01/2018420_f01c_18CV00336.pdf