SAN FRANCISCO, Nov. 22, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Myriad Genetics, Inc. (NASDAQ: MYGN) investors who have suffered losses in excess of $50,000 to submit their losses now or contact the firm immediately to learn if they qualify to recover compensable damages. The November 26, 2019 lead plaintiff deadline in a securities fraud class action pending against the company is approaching.
Myriad Genetics (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.
If you purchased shares of Myriad Genetics and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
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