LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading nationwide shareholder rights law firm, announces that on behalf of investors, Fulgent Genetics, Inc. (“Fulgent” or the “Company”) (NASDAQ: FLGT ) securities between March 22, 2019 and August 4, 2022, inclusive (the “Class Period”). Fulgent investors have up November 21, 2022 to file a lead plaintiff’s motion.
If you have suffered a loss on your fulgent investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/fulgent-genetics-inc/. You may also contact GPM’s Charles H. Linehan at 310-201-9150, toll-free at 888-773-9224, or email [email protected] to learn more about your rights.
On August 4, 2022, Fulgent reported its second quarter 2022 financial results and announced that the SEC was conducting an investigation into certain 2018 Exchange Act reports through the first quarter of 2020. This came after the company received a civil investigation request from The U.S. Department of Justice “referring to its investigation into allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and compensation received or granted in violation of the Anti-Kickback Statute and the Stark- violating the law”.
As a result of this news, Fulgent stock fell $11.02, or 17.3%, in the following two trading sessions to close at $52.72 per share on August 8, 2022, hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors that: (1) Fulgent performed medically unnecessary laboratory testing, engaged in improper billing practices related to laboratory testing, and granted or received compensation in violation of the Anti-Kickback Statute and the Stark Act violate (2) accordingly, Fulgent would likely be subject to increased legal and regulatory scrutiny; (3) Fulgent’s earnings, to the extent derived from the foregoing illegal conduct, were unsustainable; (4) the foregoing, if disclosed, would be likely to subject the Company to material financial and/or reputational damage; and (5) as a result, the defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacking a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Fulgent Securities during the Class Period, you may defer the court no later than November 21, 2022 ask the court to appoint you as lead plaintiff. You do not need to take any action at this time to become a member of the class; You may engage legal counsel of your choice, or do nothing and remain an absentee member of the class. If you would like to learn more about this promotion or have any questions about this announcement or your rights or interests related to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected] or visit our website at www.glancylaw.com. If inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be considered an attorney’s advertisement in some jurisdictions under applicable laws and ethics rules.
