New York, New York--(Newsfile Corp. - November 25, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Myriad Genetics, Inc. (NASDAQ: MYGN) ("Myriad" or the "Company") of the November 26, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Myriad stock or options between September 2, 2016 and August 13, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/MYGN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all those who purchased Myriad securities between September 2, 2016 and August 13, 2019 (the "Class Period"). The case, Silverman v. Myriad Genetics, Inc. No. 19-cv-00707, was filed on September 27, 2019 and has been assigned to Magistrate Judge Roy K. Altman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) GeneSight lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (2) the U.S. Food and Drug Administration ("FDA") had requested changes to GeneSight and questioned the validity of the test's purported benefits; (3) Myriad had been in ongoing discussions with the FDA regarding the FDA's requested changes to GeneSight; (4) 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) as a result, the Company's public statements were materially false and misleading at all relevant times.
Specifically, on August 13, 2019, after market-close, Myriad reported its Fiscal Fourth-Quarter and Full-Year 2019 Financial Results. Therein, the Company reported that revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for its expanded carrier screening test. Later that day, on the Company's Earnings Conference Call with investors, Bryan Riggsbee, Myriad's CFO, revealed that "the FDA requested changes to the GeneSight [Psychotropic] test offering" and that the Company has "been in ongoing discussions with the FDA regarding its request."
After the announcement, Myriad's stock price fell from $25.50 per share on August 13, 2019 to $19.05 per share on August 14, 2019-a $6.45 or 42.76% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Myriad's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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