Fulgent Genetics, Inc. (NASDAQ: FLGT)
NEW YORK, NY – September 27, 2022 – Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California against Fulgent Genetics, Inc. (“Fulgent” or the “Company”) (NASDAQ: FLGT) on behalf of a class of all persons and entities who purchased the publicly traded securities of Fulgent securities between March 22, 2019 and August 4, 2022, both dates inclusive (the “Class Period”).
All investors who purchased the shares of Fulgent Genetics, Inc. and incurred losses are advised to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774.
If you have incurred losses in Fulgent Genetics, Inc., you may, no later than November 21, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Fulgent Genetics, Inc.
Fulgent, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. As a result, Fulgent must comply with the federal Anti-Kickback Statute, which prohibits the knowing and willful payment of “remuneration” to induce or reward patient referrals or the generation of business involving any item or service payable by the Federal health care programs, as well as the federal Stark Law, which prohibits a physician from making referrals for certain designated health services, including laboratory services, that are covered by the Medicare program, to an entity with which the physician or an immediate family member has a direct or indirect financial relationship.
On August 4, 2022, Fulgent released its second quarter 2022 financial results, disclosing, among other items, that the US Securities and Exchange Commission (“SEC”) was conducting an investigation into certain of the Company’s reports filed with the SEC from 2018 through the first quarter of 2020. The disclosure followed the Company’s receipt of a civil investigative 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 price fell $11.02 per share, or 17.29%, over the following trading sessions, to close at $52.72 per share on August 8, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 11/30/2022