Myriad Genetics Investors: Filing Deadline in MYGN Class Action – Contact Lieff Cabraser
October 10 2019 - 3:25PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that securities fraud class action litigation has been
filed on behalf of investors who purchased or otherwise acquired
the securities of Myriad Genetics, Inc. (“Myriad” or the “Company”)
(NASDAQ: MYGN) between September 2, 2016 and August 13, 2019,
inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of Myriad
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than November 26, 2019. A lead plaintiff
is a representative party who acts on behalf of other class members
in directing the litigation. Your share of any recovery in the
action will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Myriad investors may contact Sharon M. Lee of Lieff Cabraser
toll-free at 1-800-541-7358 to learn more about the litigation and
how to seek appointment as lead plaintiff.
Background on the Myriad Securities Class Litigation
Myriad, incorporated and headquartered in Salt Lake City, Utah,
is a molecular diagnostic company that develops and markets
predictive, personalized, and prognostic medicine tests. Myriad
offers, among other products, GeneSight, a DNA genotyping test to
aid psychotropic drug selection for depressed patients, and
Foresight, a test for future parents to assess their risk of
passing on a recessive genetic condition to their offspring.
The action alleges that during the Class Period, Myriad
misrepresented and failed to disclose that: (1) GeneSight lacked
sufficient evidence or information to support the tests in their
current form and their purported benefits; (2) the U.S. Food and
Drug Administration (“FDA”) had requested that Myriad make changes
to GeneSight and questioned the validity of the test’s purported
benefits; (3) the Company had been in discussions with the FDA
regarding the changes to GeneSight that the agency requested; and
(4) Myriad’s acquisition of Counsyl, Inc. and its product Foresight
had caused the Company to risk receiving lower reimbursement for
its expanded carrier screening tests, which could potentially, and
did in fact result in a material negative impact on Myriad’s
revenue.
On August 13, 2019, Myriad revealed that the FDA requested
changes to the GeneSight test offering and that the Company has
“been in ongoing discussions with the FDA regarding its request.”
In addition, Myriad disclosed that the FDA had questioned whether
the validity of GeneSight’s purported benefits had been established
and that the agency had increasingly questioned the claims of
marketed genetics tests such as GeneSight since at least late 2018.
On this news, the price of Myriad common stock fell $19.05 per
share, or 42.76%, from a closing price of on $44.55 on August 13,
2019, to close at $25.50 per share on August 14, 2019, on extremely
heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” Benchmark Litigation has named
Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191010005811/en/
Sharon M. Lee Lieff Cabraser Heimann & Bernstein, LLP
Telephone: 1-800-541-7358
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