FULGENT GENETICS’ INVESTOR ALERT: Kaplan Fox Investigates Potential Securities Fraud
News provided byKaplan Fox & Kilsheimer LLP
Sep 23, 2022, 3:29 PM ET
NEW YORK, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Fulgent Genetics, Inc. (“Fulgent” or the "Company”) (NASDAQ: FLGT).
If you purchased or otherwise acquired Fulgent securities during the period March 22, 2019 and August 4, 2022, inclusive (the “Class Period”) and would like to discuss our investigation, please contact us by emailing email@example.com or by calling (212) 687-1980.
If you are a member of the proposed Class, you may move the court no later than November 21, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On August 4, 2022, after the market closed, Fulgent released its second quarter 2022 financial results which were filed with the U.S. Securities and Exchange Commission on Form 10-Q, disclosing, among other items, that the SEC is conducting an investigation into certain reports for 2018 through the first quarter of 2020. Specifically, the Company advised, in relevant part:
“The Company has received a Civil Investigative Demand, or CID, 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. This CID requests information and records relating to certain of the Company’s customers named in the CID, which represent a small portion of the Company’s revenues. The Company is fully cooperating with the U.S. Department of Justice to promptly respond to the requests for information in this CID, and does not presently expect this CID or resulting investigation to have a material adverse impact. However, the Company cannot predict when the investigation will be resolved, the outcome of the investigation or its potential impact, which may ultimately be greater than the Company currently expects”.
On this news, Fulgent’s stock price declined $11.02 per share, or 17.29%, over the following two trading sessions, to close at $52.72 per share on August 8, 2022.
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WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
If you have any questions about this investigation, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
Fax: (415) 772-4707