CLASS ACTION UPDATE: LAW OFFICE OF BRODSKY & SMITH, LLC REMINDS INVESTORS OF DEADLINE IN CLASS ACTION AGAINST MYRIAD GENETICS, INC. (Nasdaq: MYGN)

BALA CYNWYD, October 16, 2019 /Access Wire/ – Law office of Brodsky & Smith, LLC reminds investors of the deadline to file to be a lead plaintiff regarding claims against Myriad Genetics, Inc. (“Myriad” or the “Company”) (Nasdaq – MYGN – News) for possible breaches of Federal Securities law.

According to the complaint, on August 13, 2019, during after-market hours, Myriad issued an earnings release wherein Myriad reported its fiscal fourth quarter and full year 2019 financial results. Therein, Capone disclosed that “[u]nfortunately, revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for our expanded carrier screening test” – i.e., Foresight.  Later that day, Myriad filed an Annual Report on a Form 10-K with the SEC, reporting Myriad’s financial and operating results for the fiscal year ended June 30, 2019. In the Form 10-K, the defendants disclosed that the U.S. Food and Drug Administration (“FDA”) had questioned whether the validity of GeneSight’s purported benefits had been established. The Form 10-K also revealed that, since at least late 2018, the FDA had increasingly questioned the claims of marketed genetics tests, such as GeneSight.  Following this news, Myriad’s stock price fell $19.05 per share, or 42.76%, to close at $25.50 per share on August 14, 2019.

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) GeneSight lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (ii) the FDA had requested changes to GeneSight and questioned the validity of the test’s purported benefits; (iii) Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight; (iv) Myriad’s acquisition of Counsyl—and thereby, Foresight—caused Myriad 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 Myriad’s revenue; and (v) as a result, Myriad’s public statements were materially false and misleading at all relevant times.

If you purchased shares of Myriad between September 2, 2016 and August 13, 2019 and wish to discuss the legal ramifications of  the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is November 26, 2019. You may contact Marc Ackerman, Esquire or Jordan Schatz, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or by calling toll free 877-534-2590.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.