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SAN FRANCISCO, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Hagens Berman reminds investors in Myriad Genetics, Inc. (NASDAQ: MYGN) of the pending securities class action and urges MYGN investors who have suffered losses in excess of $50,000 to contact the firm.
CLASS PERIOD: Sept. 2, 2016 – Aug. 13, 2019
LEAD PLAINTIFF DEADLINE: Nov. 26, 2019
Call: Reed Kathrein, who is leading the firm’s investigation: (510) 725-3000
MYGN Securities Class Action:
According to the Complaint, Defendants misled investors about Myriad Genetics’ GeneSight®, a DNA genotyping test to aid psychotropic drug selection for depressed patients.
The Complaint alleges Defendants repeatedly promoted the GeneSight® product, while concealing that GeneSight® lacked evidence or information sufficient to support tests in its current form, including the validity of its purported benefits. On August 13, 2019, Defendants disclosed that the FDA requested changes to GeneSight® and the Company had been in ongoing discussions with the FDA about the request. Defendants revealed that the FDA had specifically questioned the company as to whether the validity of GeneSight's purported benefits had been established.
This news drove the price of Myriad shares down $19.05, or down almost 43%, to close at $25.50 on August 14, 2019, erasing $1.4 billion in market capitalization.
“We’re focused on investors’ losses and whether Myriad misrepresented GeneSight®’s benefits,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Myriad should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MYGN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000