RADNOR, PA / ACCESSWIRE / June 12, 2018 / The law firm of Kessler Topaz Meltzer & Check, LLP reminds Myriad Genetics, Inc. (MYGN) ("Myriad") investors that a class action lawsuit has been filed on behalf of purchasers of Myriad common shares between August 13, 2014 and March 12, 2018, inclusive (the "Class Period").

Important Deadline Reminder: Investors who purchased Myriad securities during the Class Period may, no later than June 19, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/myriad-genetics-inc#join

According to the complaint, Myriad develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, and catch disease at an early stage. Myriad purports to employ a variety of proprietary techniques designed to provide an understanding of the genetic basis of disease and the role of genes in the onset, progression and treatment of disease. In September 2013, Myriad launched its proprietary 25-gene myRisk Hereditary Cancer test ("myRisk"), which includes testing for multiple genes associated with cancer, including BRCA1 and BRCA2, both of which are associated with breast and ovarian cancer.

The Class Period commences on August 13, 2014, when Myriad filed an Annual Report on Form 10-K with the SEC, announcing the company's financial and operating results for the quarter and fiscal year ended June 30, 2014.

According to the complaint, on March 12, 2018, Myriad disclosed that it had received a subpoena from the Department of Health and Human Services, Office of Inspector General, in connection with "an investigation into possible false or otherwise improper claims submitted for payment under Medicare and Medicaid," specifically relating to Myriad's hereditary cancer testing. The subpoena covers a time period from January 1, 2014—less than four months after the September 2013 launch of Myriad's myRisk test—through the date of the subpoena's issuance. Following this news, Myriad's share price fell $4.01, or 12.14%, to close at $29.01 on March 13, 2018.

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Myriad was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the company's hereditary cancer testing; (ii) the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action; (iii) Myriad's revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable; and (iv) as a result, Myriad's public statements were materially false and misleading at all relevant times.