NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Fulgent Genetics, Inc. (“Fulgent” or the “Company”) FLGT in the United States District Court for the Central District of California on behalf of investors who purchased or otherwise acquired Fulgent’s common stock between March 22, 2019 and August 4, 2022, both dates inclusive (the “Class Period”).
The Complaint allege that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company 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 (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) and 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); (2) accordingly, the Company was likely to become subject to enhanced legal and regulatory scrutiny; (3) the Company’s revenues, to the extent they were derived from the foregoing unlawful conduct, were unsustainable; (4) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damage
Investors who purchased or otherwise acquired shares of Fulgent’s should contact the Firm prior to the November 21, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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