We are investigating Myriad Genetics, Inc. (MYGN) (“Myriad” or the “Company”) for potential violations of federal securities laws.
On August 13, 2019, after market-close, Myriad reported its Fiscal Fourth-Quarter and Full-Year 2019 Financial Results. Therein, the Company reported that revenue in the fourth quarter was two percent below expectations largely due to lower reimbursement for its expanded carrier screening test. Later that day, on the Company’s Earnings Conference Call with investors, Bryan Riggsbee, Myriad’s CFO, revealed that “the FDA requested changes to the GeneSight [Psychotropic] test offering” and that the Company has “been in ongoing discussions with the FDA regarding its request.” On this news, Myriad’s stock price fell sharply on August 14, 2019.