ACCESS Newswire
20 Nov 2022, 21:01 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / November 20, 2022 / Hagens Berman urges Fulgent Genetics, Inc. (NASDAQ:FLGT) investors who suffered significant losses to submit your losses now. A securities fraud class action has been filed after Fulgent disclosed the DOJ and SEC are conducting investigations.
Class Period: Mar. 22, 2019 - Aug. 4, 2022
Lead Plaintiff Deadline: Nov. 21, 2022
Visit: www.hbsslaw.com/investor-fraud/FLGT
Contact An Attorney Now: [email protected]
844-916-0895
Fulgent Genetics, Inc. (NASDAQ:FLGT) Securities Fraud Class Action:
The litigation focuses on Fulgent's previously claimed 'very strong' and 'truly outstanding' financial results.
The complaint alleges Defendants made materially false and misleading statements and failed to disclose that: (1) Fulgent had been conducting medically unnecessary laboratory testing, engaging improper billing practices related to laboratory testing, and providing or receiving compensation in violation of the Anti-Kickback statute and Stark Law; (2) accordingly, Fulgent was likely to become subject to enhanced legal and regulatory scrutiny; and, (3) Fulgent's revenues, to the extent they were derived from unlawful conduct, were unsustainable.
According to the complaint, investors learned the truth on Aug. 4, 2022, when Fulgent announced its Q2 2022 financial results and startled investors with its additional disclosure that the SEC was investigating the company's 2018 - Q1 2020 financial reports and the DOJ was investigating allegations of medically unnecessary laboratory testing, improper billing for laboratory testing, and compensation received or provided in violation of federal and California law.
This news sent the price of Fulgent shares crashing more than 17% lower during the next 2 trading days, wiping out over $300 million of shareholder value.
'We're focused on investors' losses and proving Fulgent lied about the legality of its reported revenues and about its growth prospects,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Fulgent and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Fulgent should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Maryland Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Maryland Leader.
More InformationDHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
ZAGREB, Croatia: A massive concert by popular Croatian singer Marko Perković, known by his stage name Thompson, has drawn widespread...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...