San Diego–(work wire) –Robbins Geller Rodman and Dodd LLP Declares that buyers or holders of the securities of Fulgent Genetics, Inc. (NASDAQ:FLGT) between March 22, 2019 and August 4, 2022, including (the “Separation Period”) they have until November 21, 2022 to seek the designation of Lead Plaintiff in Fulgent genetics class action. comment Pugley v. Fulgent Genetics, Inc.No. 22-cv-06764 (CD-ROM), and Fulgent genetics A class action lawsuit accusing Fulgent Genetics and some of its top executives of violating the Securities Act of 1934.
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Case allegationsFulgent Genetics provides COVID-19, molecular diagnostics, and genetic testing services to clinicians and patients. Fulgent Genetics must comply with the Federal Anti-bribery Act, which prohibits the knowing and willful payment of a “reward” to induce or reward patient referrals or create business involving any item or service payable by federal health care programs, as well as the Federal Stark Act , which prohibits a physician from making referrals of certain certain health services, including laboratory services, covered by Medicare, to an entity with which the physician or an immediate family member has a direct or indirect financial relationship.
The Fulgent genetics The class action alleges that the defendants failed to disclose that: (i) Fulgent Genetics was conducting medically unnecessary lab tests, engaging in improper billing practices in connection with lab tests, and providing or receiving a reward in violation of the Anti-Bribery Act and Stark Law; (ii) Accordingly, Fulgent Genetics is likely to be subject to further legal and regulatory scrutiny; (3) Fulgent Genetics revenues, in so far as they were derived from prior illegal conduct, were unsustainable; and (iv) the foregoing, once disclosed, is likely to expose Fulgent Genetics to significant financial and/or reputational damage.
On August 4, 2022, Fulgent Genetics released its financial results for the second quarter of 2022, revealing, among other things, that the US Securities and Exchange Commission (“SEC”) was conducting an investigation of certain Fulgent Genetics reports submitted to the SEC by the SEC. 2018 through the first quarter of 2020. The disclosure came after Fulgent Genetics received a civil investigation request from the U.S. Department of Justice regarding “an investigation of allegations of medically unnecessary lab examinations, incorrect billing of lab tests, and emoluments received or provided in violation of law Anti-bribery and the Stark Act. In this news, Fulgent Genetics’ stock price fell more than 17%, hurting investors.
Prosecutor’s Process: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased or obtained Fulgent Genetics securities during the term of the semester to seek appointment as Lead Plaintiff. The principal claimant is usually the one with the greatest financial interest in the relief sought by the putative class which is also typical and convenient for the putative class. The lead plaintiff acts on behalf of all other class members in directing Fulgent genetics class action. The lead plaintiff can choose a law firm of his choice to litigate Fulgent genetics class action. An investor’s ability to participate in any possible future redemption is not dependent on acting as a principal claimant in Fulgent genetics class action.
About Robins GellerBy: Robbins Geller is one of the world’s leading class action firms that represents plaintiffs in securities fraud cases. The company ranked first in the ISS Top 50 Securities Class Services Report for 2021 for recovering nearly $2 billion to investors last year alone — more than three times the amount recovered by any other plaintiff. With 200 attorneys in 9 offices, Robbins Geller is one of the largest plaintiff firms in the world and the firm’s attorneys have secured many of the largest class action recoveries in history, including the largest stock class lawsuit redemption ever—$7.2 billion—in Regarding Enron Corp. Sec. litig. Please visit the following page for more information:
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