FULGENT GENETICS, INC. (NASDAQ: FLGT) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Proclaims {that a} Securities Class Motion Lawsuit Has Been Filed Towards Fulgent Genetics, Inc. (NASDAQ: FLGT) – GlobeNewswire

Did you lose cash on investments in Fulgent Genetics? If that’s the case, please go to Fulgent Genetics, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to debate your rights.                                    

NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP broadcasts {that a} securities class motion lawsuit has been filed on behalf of buyers who bought or acquired the securities of Fulgent Genetics, Inc. (“Fulgent” or the “Firm”) (NASDAQ: FLGT) between March 22, 2019 and August 4, 2022, inclusive (the “Class Interval”). The lawsuit was filed in the US District Courtroom for the Central District of California and alleges violations of the Securities Trade Act of 1934.

Fulgent, along with its subsidiaries, supplies COVID-19, molecular diagnostic, and genetic testing providers to physicians and sufferers in the US and internationally. Fulgent should adjust to the federal Anti-Kickback Statute, which prohibits the realizing and willful cost of “remuneration” to induce or reward affected person referrals or the era of enterprise involving any merchandise or service payable by federal well being care applications, in addition to the federal Stark Legislation, which prohibits a doctor from making referrals for sure designated well being providers, together with laboratory providers, which are coated by the Medicare program, to an entity with which the doctor or a direct member of the family has a direct or oblique monetary relationship.

Plaintiff alleges that Defendants made materially false and deceptive statements all through the Class Interval. Particularly, Plaintiff alleges that Defendants didn’t disclose that: (i) Fulgent had been conducting medically pointless laboratory testing, partaking in improper billing practices in relation to laboratory testing, and offering or receiving remuneration in violation of the Anti-Kickback Statute and Stark Legislation; (ii) accordingly, Fulgent was more likely to turn out to be topic to enhanced authorized and regulatory scrutiny; (iii) Fulgent’s revenues, to the extent they had been derived from the foregoing illegal conduct, had been unsustainable; and (iv) the foregoing, as soon as revealed, was more likely to topic the Firm to vital monetary and/or reputational hurt.

On August 4, 2022, Fulgent launched its second quarter 2022 monetary outcomes, disclosing, amongst different issues, that the SEC was conducting an investigation into sure of the Firm’s experiences filed with the SEC from 2018 by the primary quarter of 2020. The disclosure adopted the Firm’s receipt of a civil investigative demand issued by the U.S. Division of Justice “associated to its investigation of allegations of medically pointless laboratory testing, improper billing for laboratory testing, and remuneration acquired or supplied in violation of the Anti-Kickback Statute and the Stark Legislation.”

On this information, Fulgent’s inventory value fell $11.02 per share, or 17.29%, over the next two buying and selling periods, to shut at $52.72 per share on August 8, 2022.

For those who want to function lead plaintiff, you will need to transfer the Courtroom no later than November 21, 2022. A lead plaintiff is a consultant celebration performing on behalf of different class members in directing the litigation. Your potential to share in any restoration doesn’t require that you simply function lead plaintiff. For those who select to take no motion, you could stay an absent class member.

For those who bought Fulgent securities, and/or want to focus on your authorized rights and choices please go to Fulgent Genetics, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its purchasers. Along with representing particular person buyers, the Agency has been retained by a few of the largest private and non-private pension funds within the nation to observe their belongings and pursue litigation on their behalf. Because of its success litigating a whole bunch of lawsuits and sophistication actions, the Agency has been named to The Nationwide Legislation Journal’s “Plaintiffs’ Scorching Checklist” 13 occasions and listed in The Authorized 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The legislation agency accountable for this commercial is Bernstein Liebhard LLP, 10 East fortieth Road, New York, New York 10016, (212) 779-1414. Prior outcomes don’t assure or predict the same final result with respect to any future matter.

Contact Data:

Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]

 

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