SALT LAKE CITY, Utah – August 13, 2026 (STL.News) Myriad Genetics Inc. (NASDAQ: MYGN) is facing multiple shareholder investigations after the genetic testing company reported weaker second-quarter results, sharply reduced its 2026 revenue outlook and saw its stock lose nearly half its value following the announcement.
Several shareholder-rights law firms have announced investigations concerning Myriad Genetics, including Kirby McInerney LLP, Levi & Korsinsky LLP, Schall, Brown & Schwartz LLP and Bragar Eagel & Squire P.C. Other firms have previously announced investigations involving Myriad and earlier company disclosures.
The investigations generally seek to determine whether Myriad Genetics or its management made materially false or misleading statements, failed to disclose material information to investors, or otherwise violated federal securities laws.
The announcements are investigations, however, and should not be confused with findings of wrongdoing. No determination that Myriad Genetics or its executives violated federal securities laws is established by the law firms’ announcements.
Myriad Genetics reports lower Q2 revenue
The latest wave of investor scrutiny follows Myriad Genetics’ second-quarter 2026 financial results.
On July 30, Myriad reported quarterly revenue of approximately $190.7 million, representing an 11% decline from the comparable period a year earlier.
Test volume declined approximately 1% year over year, while average revenue per test decreased approximately 9%.
The company also disclosed an $11 million reduction in revenue related to changes in estimates of cash collections involving tests for which performance obligations had been satisfied in prior periods.
Results differed across Myriad’s operating categories.
Cancer Care Continuum revenue was $114.1 million, down 11% from $127.7 million in the year-earlier period, even as testing volume increased.
Prenatal Health revenue declined 16% to $39.8 million, accompanied by lower testing volume.
Mental Health revenue totaled $36.8 million, representing a 3% year-over-year decrease. GeneSight testing volume increased, but average revenue per test declined.
The combination of weaker revenue, reimbursement pressures, and collection issues became particularly important to investors given the impact on the company’s financial outlook.
Myriad cuts 2026 revenue guidance
Myriad had reiterated its full-year 2026 revenue outlook of $860 million to $880 million in May.
Following the second-quarter results, the company reduced that forecast to approximately $770 million to $790 million.
The reduction lowered both ends of the range by approximately $90 million.
Myriad also reduced its adjusted gross-margin outlook and suspended its previously issued adjusted EBITDA guidance. That guidance had called for adjusted EBITDA of approximately $37 million to $49 million.
The magnitude and timing of the revised outlook have become central issues cited by several of the law firms investigating potential shareholder claims.
Levi & Korsinsky, for example, pointed out that Myriad reiterated the $860 million to $880 million revenue range on May 5, only to reduce it by roughly $100 million three months later.
The firm also cited Myriad’s first-quarter Form 10-Q, which reported trade accounts receivable of $123.8 million as of March 31, compared with $115.3 million at the end of 2025.
MYGN shares plunge following announcement
Investors reacted sharply to the second-quarter report.
Myriad Genetics shares closed at $5.37 on July 30 before plunging the following trading day.
Kirby McInerney said MYGN declined $2.51, or approximately 47%, to close at $2.86 on July 31.
The dramatic decline resulted in substantial losses for shareholders and quickly attracted attention from securities litigation firms.
Large one-day stock declines do not by themselves demonstrate securities fraud. Plaintiffs’ firms commonly investigate significant corporate disclosures and subsequent market declines to determine whether investors received materially misleading information before the disclosure.
Whether sufficient evidence exists to support a securities claim is a separate legal question.
Multiple firms investigate Myriad Genetics
At least several shareholder-rights firms have announced investigations into Myriad Genetics, with several specifically focusing on the company’s recent second-quarter results and revised guidance.
The firms include:
- Kirby McInerney LLP — The New York-based firm is investigating potential claims against Myriad Genetics concerning whether the company or members of senior management may have violated federal securities laws or engaged in other unlawful business practices. Its investigation specifically cites the July 30 second-quarter results, the 11% revenue decline, reduced 2026 guidance, and a $11 million revenue adjustment.
- Levi & Korsinsky LLP — The firm has announced an investigation concerning potentially materially false or misleading statements involving Myriad. Its investigation highlights the company’s May 2026 reaffirmation of expected revenue of $860 million to $880 million, followed approximately three months later by a reduction to $770 million to $790 million. It also points to the suspension of adjusted EBITDA guidance and to Myriad’s accounts receivable position.
- Schall, Brown & Schwartz LLP — SBS announced in August that it is investigating claims on behalf of Myriad Genetics investors for possible violations of securities laws. The firm said its investigation focuses on whether the company issued false or misleading statements or failed to disclose information pertinent to investors.
- Bragar Eagel & Squire P.C. — The shareholder-rights firm has also announced an investigation concerning Myriad Genetics. Its announcement cites the July 30 second-quarter results, including approximately $190.7 million in revenue, as well as the company’s revised full-year financial outlook.
Other securities firms have investigated Myriad Genetics in connection with earlier company disclosures.
Glancy Prongay & Murray LLP announced an investigation in May 2025 into possible violations of federal securities laws following Myriad’s release of financial results and revision of its outlook.
The Law Offices of Frank R. Cruz also previously announced an investigation on behalf of Myriad investors concerning possible violations of federal securities laws.
Portnoy Law Firm announced in April 2026 that it had initiated an investigation into possible securities fraud involving Myriad Genetics and said it might file a class action on behalf of investors.
Because the investigations were initiated at different times and in response to different company disclosures, investors should not assume that every law firm is examining an identical set of facts, time period or potential claim.
Reimbursement issues draw scrutiny
The company’s reimbursement environment is particularly important to the current investigations.
According to disclosures from the investigating firms, revenue from hereditary cancer testing declined even as testing volume increased.
Myriad attributed pressure on revenue to factors including reimbursement rates and changes in estimates related to collections.
The company has also discussed changing prior-authorization requirements, requests for additional medical records, and payer denial rates.
These issues matter because diagnostic testing companies depend not only on the number of tests performed but also on their ability to obtain reimbursement from insurers and other payers.
A company can therefore experience increasing testing volume without producing corresponding revenue growth if reimbursement per test declines or if collection rates deteriorate.
That dynamic was visible in portions of Myriad’s second-quarter results.
What the investigations mean
A shareholder investigation is an early-stage legal process and is different from a securities class-action lawsuit.
Law firms may interview investors, review Securities and Exchange Commission filings, examine earnings releases and conference call statements, compare prior guidance with subsequent results, and investigate whether information material to investors should have been disclosed earlier.
Following that review, a firm may determine that sufficient grounds exist to pursue litigation.
It may also determine that a lawsuit is not warranted.
Consequently, announcements from shareholder law firms requesting investors to provide information should not be interpreted as evidence that Myriad Genetics committed securities fraud.
The investigating firms bear responsibility for the allegations contained in their respective announcements, and any allegations ultimately raised in litigation would have to be established through the judicial process.
Myriad continues business initiatives
Myriad Genetics continues to operate its diagnostic testing businesses while addressing the financial challenges disclosed in its second-quarter results.
The company reported growth in testing volume in parts of its Cancer Care Continuum business and has continued to develop and commercialize products across oncology, women’s health, and mental health.
Myriad also highlighted initiatives aimed at improving operating efficiency, productivity, and scalability.
The Salt Lake City-based company develops molecular diagnostic tests that provide genetic information to help patients and healthcare professionals assess disease risk and make treatment decisions.
Its portfolio includes products associated with hereditary cancer risk, oncology, prenatal health and mental health.
Investors await next developments
The central question for shareholders now extends beyond the legal investigations.
Investors will be watching whether Myriad can stabilize reimbursement, improve collections and average revenue per test, and deliver revenue within its newly reduced $770 million to $790 million 2026 range.
The company’s ability to address the factors behind the $11 million revenue adjustment will also be closely watched in subsequent financial reports.
Meanwhile, the number of shareholder firms examining Myriad means additional legal announcements could follow.
For now, the distinction between an investigation and litigation remains critical.
Kirby McInerney, Levi & Korsinsky, Schall, Brown & Schwartz, and Bragar Eagel & Squire are among the firms investigating potential claims arising from recent developments at Myriad Genetics. Other firms have conducted investigations involving earlier disclosures.
The existence of these investigations does not establish that Myriad Genetics, its officers, or its directors violated securities laws, and the allegations under investigation have not been proven in court.
Disclaimer: This article is provided for news and informational purposes only and does not constitute investment or legal advice. Shareholder-investigation announcements represent statements by the respective law firms and should not be interpreted as findings of liability or wrongdoing.
