An investigation for investors in Myriad Genetics, Inc. (NASDAQ: MYGN) shares over potential securities laws violations by Myriad Genetics, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/06/2019 -- An investigation was announced concerning potential securities laws violations by Myriad Genetics, Inc. in connection with certain financial statements.
Investors who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Myriad Genetics, Inc. (NASDAQ: MYGN) concerning whether a series of statements by Myriad Genetics, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Salt Lake City, UT based Myriad Genetics, Inc., a molecular diagnostic company, develops and markets predictive, personalized, and prognostic medicine tests worldwide. Myriad Genetics, Inc. reported that its Total Revenue rose from $743.7 million for the 12 months period that ended on June 30, 2018 to $851.1 million for the 12 months period that ended on June 30, 2019 and that its Net Income over those respective time periods declined from $133.3 million to $4.6 million.
On August 13, 2019, after the market closed, Myriad Genetics, Inc issued its fourth quarter and full year results for 2019, reporting that revenue in the fourth quarter was 2% below expectations largely due to lower reimbursement for its expanded carrier screening test. Later that day, on Myriad's earnings conference call with investors, Bryan Riggsbee, Myriad's Chief Financial Officer, also revealed that "the FDA requested changes to the GeneSight [Psychotropic] test offering" and that Myriad has "been in ongoing discussions with the FDA regarding its request."
Shares of Myriad Genetics, Inc. (NASDAQ: MYGN) declined from $47.10 per share on August 13, 2019 to as low as $22.32 per share on August 23, 2019.
Those who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN) have certain options and should contact the Shareholders Foundation.
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