RADNOR, Pa., May 06, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Myriad Genetics, Inc. (NASDAQ:MYGN) (“Myriad” or the “Company”) on behalf of purchasers of the Company’s securities between August 13, 2014 and March 12, 2018, inclusive (the “Class Period”).
Myriad investors are encouraged to visit www.kaskelalaw.com/case/myriad-genetics to receive additional information about this action and submit their information online. Investors may also contact attorney D. Seamus Kaskela at (888) 715 – 1740, or via email at skaskela@kaskelalaw.com, to discuss their legal rights and options with respect to this action.
On March 12, 2018, 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.
Following this disclosure, shares of the Company’s stock fell $4.01 per share, or over 12%, to close on March 13, 2018 at $29.01 per share.
The shareholder class action complaint alleges that Myriad and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors 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; and (iii) Myriad's revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable. The complaint further alleges that, as a result of the foregoing, investors purchased Myriad’s securities at artificially inflated prices during the Class Period and sustained significant investment losses when the truth was revealed.
Investors who purchased Myriad securities during the Class Period may, no later than June 19, 2018, seek to be appointed as a lead plaintiff representative of the class through Kaskela Law or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff a class member meet certain legal requirements.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(888) 715 – 1740
skaskela@kaskelalaw.com
www.kaskelalaw.com