Myriad Genetics Inc. Investigation
The law firm of Kirby McInerney LLP is investigating potential claims against Myriad Genetics Inc. (“Myriad” or the “Company”) (NASDAQ: MYGN). The investigation relates to possible breaches of fiduciary duty by certain officers and directors of the Company.
In July 2019, the Company paid $9.1 million to resolve claims brought by a whistleblower that formed the basis for a subpoena issued by the U.S. Department of Health and Human Services Office of Inspector General to the Company in 2018. The lawsuit related to Medicare billing practices associated with Myriad’s MyRisk molecular diagnostic test, which is used to identify increased risk for certain hereditary cancers. In 2015, Medicare assigned a billing code for MyRisk, entitling Myriad to reimbursement of $925 per test. Rather than billing based on the assigned code, however, Myriad used other codes associated with similar tests previously offered by the Company for which the rates of reimbursement were thousands of dollars higher, according to the whistleblower. As a result, Myriad collected millions of dollars in Medicare reimbursements to which it was not entitled, the whistleblower alleged. The Inspector General served Myriad with a subpoena relating to the allegations after the whistleblower complaint was filed.
If you purchased or otherwise acquired Myriad shares and continue to hold shares, or if you have information about these matters or would like to learn more about your rights, please contact Mark A. Strauss of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, at no cost to you.