March 25, 2019 - The case was dismissed with prejudice.

October 30, 2018 - A motion to dismiss the amended complaint was filed.

August 31, 2018 - An amended complaint was filed.

April 20, 2018 - An investor in shares of Myriad Genetics Inc (NASDAQ: MYGN) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by Myriad Genetics Inc in connection with certain allegedly false and misleading statements made between August 13, 2014 and March 12, 2018.

Salt Lake City, UT based Myriad Genetics Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. Myriad Genetics Inc reported that its Total Revenue rose from $753.8 million for the 12 months period that ended on June 30, 2016 to $771.4 million for the 12 months period that ended on June 30, 2017 and that its Net Income declined over those respective time periods declined from $125.3 million to $21.8 million. In September 2013, Myriad Genetics Inc 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. BRCA1 and BRCA2 genetic testing—specifically, BRCA sequencing and BRCA duplication-deletion—are represented in HCPCS by codes 81211 and 81213. CMS has clearly stated that codes 81211 and 81213 are not correctly used together in claim submissions.

On March 12, 2018, Myriad Genetics Inc 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 Genetics Inc’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 Genetics Inc’s myRisk test—through the date of the subpoena’s issuance. Shares of Myriad Genetics Inc (NASDAQ: MYGN) declined from $33.73 per share on March 12, 2018 to as low as $28.51 per share on March 13, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Myriad Genetics Inc (NASDAQ: MYGN) common shares between August 13, 2014 and March 12, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 13, 2014 and March 12, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Myriad Genetics Inc was submitting false or otherwise improper claims for payment under Medicare and Medicaid for the Company’s hereditary cancer testing, that the foregoing conduct would foreseeably subject Myriad to heightened regulatory scrutiny and/or enforcement action, that Myriad Genetics Inc’s revenues from its hereditary cancer testing were in part the product of improper conduct and unlikely to be sustainable, and that as a result, Myriad Genetics Inc’s public statements were materially false and misleading at all relevant times.