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Myriad Genetics, Inc.

Company NameMyriad Genetics, Inc.
Stock SymbolMYGN
Class PeriodSeptember 02, 2016 to September 13, 2019
Lead Plaintiff Motion DeadlineNovember 26, 2019

On August 13, 2019, after the market closed, Myriad disclosed that “[u]nfortunately, revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for [the Company’s] expanded carrier screening test [called Foresight].” Additionally, the Company revealed that, since at least late 2018, the U.S. Food and Drug Administration (“FDA”) had increasingly questioned the claims of marketed genetics tests, such as Myriad’s GeneSight. Myriad also disclosed that “the FDA requested changes to the GeneSight test offering” after Myriad had provided the FDA with clinical evidence and other information to support GeneSight Psychotropic. 

On this news, the Company’s stock price fell $19.05 per share, or nearly 43%, to close at $25.50 per share on August 14, 2019, thereby injuring investors.

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