BENSALEM, Pa., Oct. 28, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming November 26, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Myriad Genetics, Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN) securities between September 2, 2016 and August 13, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Myriad investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On August 13, 2019, after the market closed, Myriad disclosed that “[u]nfortunately, revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for [the Company’s] expanded carrier screening test [called Foresight].” Additionally, the Company revealed that, since at least late 2018, the U.S. Food and Drug Administration (“FDA”) had increasingly questioned the claims of marketed genetics tests, such as Myriad’s GeneSight. Myriad also disclosed 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.
On this news, the Company’s stock price fell $19.05 per share, or nearly 43%, to close at $25.50 per share on August 14, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Myriad's product, GeneSight, lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (2) that the FDA had requested changes to GeneSight and questioned the validity of the test’s purported benefits; (3) that Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight; (4) that 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 (5) that as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Myriad securities during the Class Period you may move the Court no later than November 26, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com