Myriad Genetics, Inc. (MYGN) Accused of Defrauding Medicare and Medicaid

According to the complaint, Myriad Genetics, Inc. (MYGN) represented in its public filings that the company was in compliance with applicable laws and regulations related to fraud and improper billing practices. In September 2013, Myriad launched its 25-gene myRisk Hereditary Cancer test, which includes testing for multiple genes associated with cancer.  It came as a surprise to investors when Myriad revealed on March 12, 2018, that the Department of Health and Human Services, Office of Inspector General subpoenaed documents in connection with an investigation into possible improper claims for payment under Medicare and Medicaid specifically relating to Myriad's billing for its hereditary cancer testing.  On this news, Myriad's stock fell $4.01, or over 12%, to close at $29.01 per share on March 13, 2018.

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