NEW YORK, Oct. 1, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of shareholders of Myriad Genetics ("Myriad" or the
"Company") (NASDAQ: MYGN) between September 2, 2016, and August 13, 2019, both dates inclusive (the "Class
Period"). The lawsuit filed in the United
States District Court for the District of Utah seeks to recover damages for Myriad
investors under the Securities Exchange Act of 1934.
If you purchased Myriad securities, and/or would like to
discuss your legal rights and options please visit Myriad
Genetics Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 26, 2019. 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.
The complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) GeneSight lacked
evidence or information sufficient to support the tests in their
current form, including their purported benefits; (ii) the U.S.
Food and Drug Administration (FDA) had requested changes to
GeneSight and questioned the validity of the tests purported
benefits; (iii) Myriad had been in ongoing discussions with the FDA
regarding the FDA's requested changes to GeneSight; (iv) Myriad's
acquisition of Counsyl and thereby, Foresight caused the Company to
incur the risk of suffering from lower reimbursement for its
expanded carrier screening tests, which had the potential to, and
actually did, materialize into a material negative impact on the
Company's revenue; and (v) as a result, the Company's public
statements were materially false and misleading at all relevant
times.
On August 13, 2019, during
after-market hours, Myriad issued an earnings release. In that
release Myriad's CEO announced that revenue in the fourth quarter
was two percent below expectations due to lower reimbursement for
the company's expanded carrier screening test. Later that day, in
an earnings conference call with investors and analysts, R.
Bryan Riggsbee, Myriad's Chief
Financial Officer, revealed that "the FDA requested changes to the
GeneSight test offering" after Myriad had provided the FDA with
clinical evidence and other information to support GeneSight
Psychotropic, and that the Company has "been in ongoing discussions
with the FDA regarding its request." Riggsbee continued by stating
that "[a]lthough [Defendants] continue to disagree the changes to
the tests are required, on August 10,
2019, [Defendants] submitted a proposal regarding the
reporting of GeneSight test results to healthcare providers that we
believe address the FDA's principal concerns."
Also later that day, Myriad filed an Annual Report on Form 10-K
with the SEC, reporting the Company's financial and operating
results for the fiscal year ended June 30,
2019 (the "2019 10-K"). In the 2019 10-K, Defendants
disclosed that the FDA had questioned whether the validity of
GeneSight's purported benefits had been established. The 2019 10-K
also revealed that, since at least late 2018, the FDA had
increasingly questioned the claims of marketed genetics tests, such
as GeneSight.
On this news, Myriad's stock price fell $19.05 per share, or 42.76%—nearly half of the
Company's total stock value—to close at $25.50 per share on August
14, 2019.
If you purchased Myriad securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/myriadgenetics-mygn-shareholder-class-action-lawsuit-stock-fraud-190/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
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.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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