| COMPANY |
Myriad Genetics, Inc. |
| COURT |
United States District Court for the District of Utah |
| CASE NUMBER |
19-cv-00707 |
| JUDGE |
The Hon. David Barlow |
| CLASS PERIOD |
August 9, 2017 - February 6, 2020 |
| SECURITY TYPE |
Common Stock |
Case Background:
On September 27, 2019, the initial complaint in this securities class action was filed against Myriad Genetics, Inc. (“Myriad” or the “Company”) and certain of Myriad’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all those who purchased or acquired Myriad common stock between August 9, 2017 and February 6, 2020, (the “Class Period”) both dates inclusive.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) GeneSight lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (2) the U.S. Food and Drug Administration (“FDA”) had requested changes to GeneSight and questioned the validity of the test’s purported benefits; (3) Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight; (4) Myriad’s acquisition of Counsyl—and thereby, Foresight—caused the Company to incur the risk of suffering from lower reimbursement for its expanded carrier screening tests, which had the potential to, and actually did, materialize into a material negative impact on the Company’s revenue; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
Lead Plaintiff filed an amended complaint (the “Complaint”) on February 21, 2020. Defendants filed a Motion to Dismiss the Complaint on May 5, 2020. On March 16, 2021, the Court issued an Order denying Defendant’s Motion to Dismiss. On June 7, 2021, Lead Plaintiff filed a Motion to Certify the Class which was granted by the Court on December 13, 2021. A Final Settlement Hearing was held on December 8, 2023. On December 15, 2023, the Court entered an Order approving the settlement and entered final judgment. This action has concluded.
The deadline to file a claim is January 16, 2024. If you have any questions or need further information about this settlement, you may go to the following website, www.MyriadGeneticsSecuritiesLitigation.com, or you can contact the claims administrator, A.B. Data, Ltd., at 1-877-331-0728.
f you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.