NEW YORK, NY / ACCESSWIRE / September 21, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Fulgent Genetics, Inc. ('Fulgent' or the 'Company') (NASDAQ:FLGT) and reminds investors of the November 21, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Fulgent stock or options between March 22, 2019 and August 4, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FLGT.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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 AntiKickback 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, the Company's public statements were materially false and misleading at all relevant times.
On August 4, 2022, Fulgent released its second quarter 2022 financial results, disclosing that the SEC is conducting an investigation into certain Exchange Act reports for 2018 through the first quarter of 2020. This comes after the Company received 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 fell as much as 8% during intraday trading on August 5, 2022, thereby injuring investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fulgent's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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