The Law Offices of Frank R. Cruz reminds investors of the upcoming November 21, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Fulgent Genetics, Inc. (“Fulgent” or the “Company”) (NASDAQ: FLGT ) securities between March 22, 2019 and August 4, 2022, inclusive (the “Class Period”)
LOS ANGELES--(BUSINESS WIRE)--Nov 18, 2022--
The Law Offices of Frank R. Cruz reminds investors of the upcoming November 21, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Fulgent Genetics, Inc. (“Fulgent” or the “Company”) (NASDAQ: FLGT ) securities between March 22, 2019 and August 4, 2022, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On August 4, 2022, Fulgent released its second quarter 2022 financial results, disclosing that the SEC was conducting an investigation into certain Exchange Act reports for 2018 through the first quarter of 2020. This came 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 price fell $11.02, or 17.3%, over the following two trading sessions, to close at $52.72 per share on August 8, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants 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, Defendants failed to disclose to investors 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 Anti-Kickback 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Fulgent securities during the Class Period, you may move the Court no later than November 21, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2022.
PUB: 11/18/2022 02:07 PM/DISC: 11/18/2022 02:07 PM
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