Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Fulgent Genetics, Inc. (NASDAQ: FLGT) securities between March 22, 2019 and August 4, 2022, inclusive (the “Class Period”) have until November 21, 2022 to seek appointment as lead plaintiff in the Fulgent Genetics class action lawsuit. Captioned Pugley v. Fulgent Genetics, Inc., No. 22-cv-06764 (C.D. Cal.), the Fulgent Genetics class action lawsuit charges Fulgent Genetics and certain of its top executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Fulgent Genetics provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients. Fulgent Genetics must comply with the federal Anti-Kickback Statute, which prohibits the knowing and willful payment of “remuneration” to induce or reward patient referrals or the generation of business involving any item or service payable by the federal health care programs, as well as the federal Stark Law, which prohibits a physician from making referrals for certain designated health services, including laboratory services, that are covered by the Medicare program, to an entity with which the physician or an immediate family member has a direct or indirect financial relationship.
The Fulgent Genetics class action lawsuit alleges that defendants failed to disclose that: (i) Fulgent Genetics 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; (ii) accordingly, Fulgent Genetics was likely to become subject to enhanced legal and regulatory scrutiny; (iii) Fulgent Genetics’ revenues, to the extent they were derived from the foregoing unlawful conduct, were unsustainable; and (iv) the foregoing, once revealed, was likely to subject Fulgent Genetics to significant financial and/or reputational harm.
On August 4, 2022, Fulgent Genetics released its second quarter 2022 financial results, disclosing, among other items, that the U.S. Securities and Exchange Commission (“SEC”) was conducting an investigation into certain of Fulgent Genetics’ reports filed with the SEC from 2018 through the first quarter of 2020. The disclosure followed Fulgent Genetics’ 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 Genetics’ stock price fell by more than 17%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Fulgent Genetics securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fulgent Genetics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fulgent Genetics class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fulgent Genetics class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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