Fulgent Genetics, Inc. (NasdaqGM: FLGT)
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 21, 2022 to file lead plaintiff applications in a securities class action lawsuit against Fulgent Genetics, Inc. (NasdaqGM: FLGT).
Fulgent and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 4, 2022, the Company disclosed the receipt of a Civil Investigative Demand 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,” and that the Securities and Exchange Commission was conducting an investigation into certain of the Company’s reports filed with the SEC from 2018 through the first quarter of 2020.
On this news, shares of Fulgent fell $11.02 per share, or 17.29%, over the following two trading sessions, to close at $52.72 per share on August 8, 2022.
The case is Pugley v. Fulgent Genetics, Inc., et al., No. 22-cv-06764.