Angels–(work wire) – Glancy Prongay & Murray LLP (“GPM”), a leading national equity law firm, announces that a class action lawsuit has been filed on behalf of the investors who purchased Fulgent Genetics, Inc. (“Fulgent” or “the Company”) (NASDAQ: FLGT) Inter-Securities March 22, 2019 and August 4, 2022, inclusive (the “separation period”). Impulsive investors have even November 21 2022 To file the principal plaintiff’s suit.
If you experience a loss in your investment in Fulgent or would like to inquire about the possibility of pursuing 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 Charles H. Linehan, of GPM at 310-201-9150, toll-free at 888-773-9224, or by email to [email protected] to learn more about your rights.
On August 4, 2022, Fulgent released its financial results for the second quarter of 2022, revealing that the Securities and Exchange Commission was investigating some of the 2018 Exchange Act reports through the first quarter of 2020. This came after the company received a civil investigation request issued by The US Department of Justice “relates to its investigation of allegations of medically unnecessary lab tests, incorrect billing of lab tests, and rewards received or provided in violation of the Anti-Bribery Act and the Stark Act.”
Based on this news, Fulgent’s stock fell $11.02, or 17.3%, over the next two trading sessions, to close at $52.72 a share on August 8, 2022, hurting investors.
The complaint filed in this class action lawsuit alleges that throughout the course of the class action, the defendants have 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, the defendants failed to disclose to investors that: (i) that Fulgent was conducting medically unnecessary laboratory tests, engaging in improper billing practices in connection with laboratory tests, and providing or receiving remuneration in violation of the Anti-Bribery Act and the law strict; (ii) Accordingly, Fulgent was likely to be subject to further legal and regulatory scrutiny; (3) Fulgent’s revenue, in so far as it was derived from prior unlawful conduct, was unsustainable; (iv) the foregoing, once disclosed, is likely to expose the company to significant 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 purchase or acquire Fulgent securities during the period of the lawsuit, you may transfer court no later than November 21 2022 To ask the court to appoint you as lead plaintiff. To be a class member, you do not need to take any action at this time; You can hire a lawyer of your choice or take no action and remain an absent class member. If you would like to learn more about this procedure, or if you have any questions regarding this advertisement or your rights or interests regarding these matters, please contact Charles Linehan, Esquire, GPM, 1925 Century Park East, Suite 2100, Los Angeles CA 90067 At 310-201-9150, toll-free at 888-773-9224, email to [email protected], or visit our website at www.glancylaw.com. If you are inquiring by e-mail, please include your postal address, telephone number, and the number of shares purchased.
This press release may be considered an attorney’s notice in some jurisdictions under applicable law and ethical rules.