The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Myriad Genetics, Inc. (NASDAQ: MYGN) who purchased shares between September 2, 2016 and August 13, 2019. The action, which was filed in the United States District Court for the District of Utah, alleges that the Company violated federal securities laws.
In particular, the Myriad Genetics lawsuit alleges that (i) Myriad's product, GeneSight, lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (ii) the U.S. Food and Drug Administration (“FDA”) had requested changes to GeneSight and questioned the validity of the test’s purported benefits; (iii) Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight; (iv) 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 (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until November 26, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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