| COMPANY |
Fulgent Genetics, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
22-cv-06764 |
| JUDGE |
The Honorable Christina A. Snyder |
| CLASS PERIOD |
March 22, 2019 and August 4, 2022 |
| SECURITY TYPE |
Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Fulgent Genetics, Inc. (“Fulgent”) (NASDAQ: FLGT) securities pursuant between March 22, 2019 and August 4, 2022, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Fulgent 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 and Stark Law; (2) accordingly, Fulgent was likely to become subject to enhanced legal and regulatory scrutiny; (3) Fulgent’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.
Current Status of Case:
On February 21, 2023 Co-Lead Plaintiffs filed a Notice of Voluntary Dismissal. On April 25, 2023, the Court entered an order closing the case. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.