Are you a former employee of Myriad Genetics, Inc. (MYGN) and own stock in the company? Robbins LLP is investigating breaches of fiduciary duty by the officers and board of directors of MYGN.
Myriad Genetics, Inc. (MYGN) Accused of Misleading Shareholders
According to a recently filed complaint, Myriad Genetics, Inc. made a series of material misstatements and overstatements regarding the Company’s product GeneSight and its hereditary cancer tests, Myriad’s largest sources of revenue. Myriad falsely represented that following the acquisition of Assurex Health, Inc., its newly acquired product GeneSight would have a positive impact on Myriad’s long term growth and revenue. However, in reality, GeneSight lacked the evidence to support its purported effects and later came under question by the FDA. When this was revealed, Myriad’s stock price fell 43% per share. In addition to being the subject of a securities fraud class action, Myriad faces additional liabilities regarding GeneSight in a qui tam lawsuit. The qui tam lawsuit alleges that Assurex, which originally developed GeneSight, made claims and sought to defraud insurance companies and other health benefits providers for GeneSight from 2013 to 2018. The result of this pending litigation could potentially lead to further damage to shareholders.