According to the Complaint, Myriad Genetics is a molecular diagnostic company that develops and markets predictive, personalized, and prognostic medicine tests worldwide. Myriad offers, among other products, GeneSight, a DNA genotyping test to aid psychotropic drug selection for depressed patients; and Foresight, a prenatal test in the expanded carrier screening market for future parents to assess their risk of passing on a recessive genetic condition to their offspring.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) GeneSight lacked evidence or information sufficient to support the tests in their current form, including their purported benefits; (ii) the U.S. Food and Drug Administration had requested changes to GeneSight and questioned the validity of the test’s purported benefits; (iii) Myriad had been in ongoing discussions with the FDA regarding the FDA’s requested changes to GeneSight; (iv) Myriad’s acquisition of Counsyl—and thereby, Foresight—caused the Company to incur the risk of suffering from lower reimbursement for its expanded carrier screening tests, which had the potential to, and actually did, materialize into a material negative impact on the Company’s revenue; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On December 23, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 21, 2020. Defendants filed a Motion to Dismiss the amended Complaint on May 5. On March 16, 2021, the Court issued an Order denying Defendants' Motion to Dismiss. Lead Plaintiff filed a Motion for Class Certification on June 7. On December 13, the Court issued an Order granting Class Certification.

The parties entered into a Stipulation and Agreement of Settlement on August 3, 2023. The Court granted preliminary approval of the Settlement on August 24. On December 15, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On October 18, 2024, the Court issued an Order approving distribution of the Settlement fund.