Hagens Berman Investigating Myriad Genetics (MYGN) For Possible Disclosure Violations, Investors With Losses Should Contact Firm
San Francisco - Hagens Berman notifies investors in Myriad Genetics, Inc. (NASDAQ: MYGN) of the firm’s investigation of possible disclosure violations concerning its GeneSight® Psychotropic test, one of Myriad’s most important products.
If you invested in Myriad before August 14, 2019 and suffered losses or have information that may assist this investigation contact Hagens Berman:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
The firm’s investigation concerns the accuracy of Myriad’s statements regarding its GeneSight® Psychotropic test, a kit intended to analyze how a patient’s genes may affect their response to certain drugs.
The Company has repeatedly promoted the quality and attributes of this new product, including most recently on August 1, 2019, when the Company announced insurer United Healthcare had decided to cover the test. In response, the price of Myriad shares steadily rose.
But on August 13, 2019, Myriad shocked investors when it disclosed that the FDA had demanded changes to GeneSight®. Although the Company claimed to have submitted a proposed solution to the FDA’s demand, Myriad admitted that it did not know if regulators would accept the changes. Myriad also refused to discuss how increased regulatory scrutiny may impact sales of the test.
This news drove the price of Myriad shares down $18.95, or down about 42%, on August 14, 2019.
“We’re focused on investors’ losses, when senior management received the FDA’s demanded changes, and whether issues with GeneSight® should have been disclosed earlier,” 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.
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Reed Kathrein, 510-725-3000
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