Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Fulgent Genetics, Inc. (FLGT) Investors
Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired 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 until November 21, 2022 to file a lead plaintiff motion.
If you suffered a loss on your Fulgent investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/fulgent-genetics-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On August 4, 2022, Fulgent released its second quarter 2022 financial results, disclosing that the SEC was conducting an investigation into certain Exchange Act reports for 2018 through the first quarter of 2020. This came after the Company received a civil nvestigative demand issued by the U.S. Department of Justice "related to its investigation of allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and remuneration received or provided in violation of the Anti-Kickback Statute and the Stark Law."
On this news, Fulgent's stock fell $11.02, or 17.3%, over the following two trading sessions, to close at $52.72 per share on August 8, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Fulgent had been conducting medically unnecessary laboratory testing, engaging in improper billing practices in relation to laboratory testing, and providing or receiving remuneration in violation of the Anti-Kickback Statute and Stark Law; (2) accordingly, Fulgent was likely to become subject to enhanced legal and regulatory scrutiny; (3) Fulgent's revenues, to the extent they were derived from the foregoing unlawful conduct, were unsustainable; (4) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Fulgent securities during the Class Period, you may move the Court no later than November 21, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect 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 to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.