An investigation on behalf of current long term investors in Myriad Genetics, Inc. (NASDAQ: MYGN) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ: MYGN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/11/2018 -- An investigation was announced for investors in shares of Myriad Genetics, Inc. (NASDAQ: MYGN) concerning potential breaches of fiduciary duties by certain directors and officers of Myriad Genetics, Inc..
Investors who are current long term investors in Myriad Genetics, Inc. (NASDAQ: MYGN) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ: MYGN stocks follows a lawsuit filed against Myriad Genetics, Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: MYGN stocks, concerns whether certain Myriad Genetics directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of Utah the plaintiff alleges that 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.
Salt Lake City, UT based Myriad Genetics, Inc., a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. Myriad Genetics, Inc. reported that its Total Revenue rose from $753.8 million for the 12 months period that ended on June 30, 2016 to $771.4 million for the 12 months period that ended on June 30, 2017 and that its Net INcome declined over those respective time periods declined from $125.3 million to $21.8 million.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.
Those who purchased shares of Myriad Genetics, Inc. (NASDAQ: MYGN) have certain options and should contact the Shareholders Foundation.
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