New YorkAnd the October 10 2022 /PRNewswire/ — Pomerantz LLP announces the filing of a class action lawsuit against Fulgent Genetics, Inc. (“Fulgent” or “Company”) (NASDAQ: FLGT) and some of its officers. Class Action Suit, filed in United State Central District District Court Californialisted under 22-cv-06764, on behalf of a class of all persons and entities who have purchased publicly traded securities of Fulgent Securities among March 22, 2019 And the August 4, 2022both dates inclusive (the “Separation Period”), seeking to recover damages for defendants’ violations of federal securities laws and pursue remedies under Sections 10(b) and 20(a) of the Securities Act of 1934 (“Exchange Act”) and Rule 10 b– It was issued against the company and some of its senior officials.
If you are a shareholder who purchased Fulgent securities during the semester period, you have even November 21 2022 Ask the court to appoint you as the lead plaintiff for the dismissal. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this procedure, contact Robert S. Willoughby in [email protected] or 888.476.6529 (or 888.4-POMLAW), free, ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number and the number of shares purchased.
Fulgent, along with its subsidiaries, provides COVID-19, molecular diagnostics and genetic testing services to clinicians and patients in United State And at the international level. As a result, Fulgent must comply with federal anti-bribery law, 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 Stark Act Federal, which prohibits a physician from making referrals to certain certain health services, including laboratory services, that are covered by Medicare, to an entity with which the physician or an immediate family member has a direct or indirect financial relationship.
The complaint alleges that, throughout the course of the class action, the defendants made false and materially misleading statements regarding the company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Fulgent was performing medically unnecessary laboratory tests, engaging in improper billing practices in connection with laboratory examinations, and providing or receiving a reward in violation of the Anti-bribery Act and the Stark Act; (ii) Accordingly, Fulgent was likely to be subject to further legal and regulatory scrutiny; (iii) Fulgent’s revenue, in so far as it was derived from the foregoing unlawful conduct, is unsustainable; (iv) the foregoing, once disclosed, is likely to expose the company to significant financial and/or reputational damage; and (v) as a result, the Company’s general statements have been materially false and misleading at all relevant times.
on me August 4, 2022Fulgent released its financial results for the second quarter of 2022, and disclosed, among other things, that the US Securities and Exchange Commission (“SEC”) was investigating certain of the company’s reports filed with the Securities and Exchange Commission from 2018 through the first quarter of 2020. The disclosure followed the company’s receipt of a civil investigation request issued by the US Department of Justice “relating to its investigation into allegations of medically unnecessary lab tests, incorrect billing for lab tests, and rewards received or given in violation of anti-bribery statutes and the Stark Act.”
In this news, Fulgent’s stock price fell USD 11.02 per share, or 17.29%, over the next two trading sessions, to close at USD 52.72 per share on August 8, 2022.
Pomerantz LLP, with offices in New YorkAnd the ChicagoAnd the Los AngelesAnd the ParisAnd the Tel Aviv, recognized as one of the leading companies in the areas of corporate, securities and antitrust litigation class. Founded by the late Abraham forKnown as the dean of the class action bar, Pomerantz was a pioneer in the field of securities class litigation. Today, more than 85 years later, Pomerantes continues the tradition he founded, fighting for the rights of victims of securities fraud, breach of fiduciary duty, and corporate misconduct. The company has recovered multiple multimillion-dollar damages on behalf of class members. We see www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP