A lawsuit was filed on behalf of investors in Myriad Genetics, Inc. (NASDAQ: MYGN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/09/2018 -- An investor, who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN), filed a lawsuit over alleged violations of Federal Securities Laws by Myriad Genetics, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
In September 2013, Myriad Genetics, Inc. launched its proprietary 25-gene myRisk Hereditary Cancer test ("myRisk"), which includes testing for multiple genes associated with cancer, including BRCA1 and BRCA2, both of which are associated with breast and ovarian cancer. BRCA1 and BRCA2 genetic testing—specifically, BRCA sequencing and BRCA duplication-deletion—are represented in HCPCS by codes 81211 and 81213. CMS has clearly stated that codes 81211 and 81213 are not correctly used together in claim submissions.
On March 12, 2018, Myriad Genetics, Inc 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 Genetics, Inc's hereditary cancer testing. The subpoena covers a time period from January 1, 2014—less than four months after the September 2013 launch of Myriad's myRisk test—through the date of the subpoena's issuance. Shares of Myriad Genetics, Inc. (NASDAQ: MYGN) declined from $33.73 per share on March 12, 2018 to as low as $28.51 per share on March 13, 2018.
The plaintiff claims that between August 13, 2014, and March 12, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the Company's hereditary cancer testing, that the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action, that Myriad's revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable, and that as a result, Myriad's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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