Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that the Shareholder Class Action Against Myriad Genetics, Inc. (NASDAQ: MYGN) has survived the motions to dismiss in the pending securities class action and may face damages. Long-term investors are encouraged to contact the firm.
According to the securities class action complaint, throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) 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. On March 16, 2021, U.S. District Judge David Barlow denied defendants’ motions to dismiss plaintiffs’ claims, finding that plaintiffs had plausibly alleged securities fraud claims.
If you are a long-term stockholder of Myriad Genetics, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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