Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Fulgent Genetics, Inc. who purchased shares between March 22, 2019 and August 4, 2022.
Fulgent and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 4, 2022, the Company disclosed the receipt of a Civil Investigative Demand issued by the U.S. Department of Justice “pursuant to the False Claims Act 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,” and that the Securities and Exchange Commission was conducting an investigation into certain of the Company’s reports filed with the SEC from 2018 through the first quarter of 2020.
On this news, shares of Fulgent 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 21, 2022 to request that the court appoint them lead plaintiff.