Fulgent Genetics Class Action Lawsuit
What Is The Fulgent Genetics Class Action Lawsuit About?
The Fulgent Genetics Class Action Lawsuit (NASDAQ: FLGT) (Fulgent Genetics Class Action Lawsuit) was filed when after the market closed on August 04, 2022, Fulgent released its second quarter 2022 financial results, disclosing, among other items, that the SEC was conducting an investigation into certain of the Company’s reports filed with the SEC from 2018 through the first quarter of 2020.
Is There A Fulgent Genetics Class Action Lawsuit?
FLGT:NASDAQ Class Action Lawsuit (Fulgent Genetics Inc.) was filed on September 20, 2022 on behalf of shareholders. The lawsuit was filed because on August 4, 2022, Fulgent released its second quarter 2022 financial results, disclosing, among other items, that the SEC was conducting an investigation into certain of the Company’s reports filed with the SEC from 2018 through the first quarter of 2020.
The disclosure followed the Company’s receipt of 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 per share, or 17.29%,
over the following two trading sessions, to close at $52.72 per share on August 8,
Is There A Deadline For The Fulgent Genetics Lawsuit?
How Much Did Shareholders Lose In Fulgent Genetics Stock?
Shareholders who held LTCH securities Fulgent’s stock price fell $11.02 per share, or 17.29%, over the following two trading sessions, to close at $52.72 per share on August 8, 2022.
What Is The Fulgent Genetics Lawsuit Complaint?
Levi & Korsinsky, LLP announces that a FLGT class action lawsuit (Fulgent Genetics Class Action Lawsuit) has been filed on behalf of investors who purchased Fulgent Genetics Class Action Lawsuit (FLGT) securities between March 22, 2022 and August 4, 2022, inclusive. For more on the FLGT Lawsuit please contact us today.
According to the Fulgent Genetics Inc. lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(i) 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;
(ii) accordingly, Fulgent was likely to become subject to enhanced legal and regulatory scrutiny;
(iii) Fulgent’s revenues, to the extent they were derived from the foregoing unlawful conduct, were unsustainable;
(iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and
(v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in FLGT, you have until November 21, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired FLGT securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The FLGT class-action lawsuit is directed by the lead plaintiff. To litigate the Fulgent Genetics Class Action lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the FLGT Class Action lawsuit.
What Does FLGT Do?
Fulgent Genetics, Inc., together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally.
The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests. It also provides next generation sequencing and reverse transcription polymerase chain reaction-based tests, as well as antigen-based diagnostic tests for the detection of SARS-CoV-2.
In addition, the company offers flow cytometry, a cell analysis technique providing diagnosis, prognosis, and monitoring of malignancies; fluorescence in-situ hybridization for detecting and locating a specific DNA sequence on a chromosome; immunohistochemistry, an imaging technique used to visualize antigens in cells; cytogenetics, which analyzes the chromosome set for numerical and structural abnormalities; and molecular testing that includes hematopoietic and solid tumor molecular assays.
The company serves insurance, hospitals, medical institutions, other laboratories, governmental bodies, payors, municipalities and large corporations, and patients. Fulgent Genetics has strategic partnership with Helio Health, Inc. to commercialize blood-based early cancer detection tests.
The company was formerly known as Fulgent Diagnostics, Inc. and changed its name to Fulgent Genetics, Inc. in August 2016. Fulgent Genetics, Inc. was founded in 2011 and is headquartered in Temple City, California.
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