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 common stock between March 22, 2019 and August 4, 2022, both dates inclusive (the “Collection Period”).
The lawsuit alleges that the defendants made false and/or misleading statements and/or failed to disclose the following: (1) The company conducted medically unnecessary laboratory testing, engaged in improper billing practices related to laboratory testing, and paid or received compensation for violation the Anti-Kickback Statute (which prohibits knowingly and intentionally paying a “fee” to induce or reward patient referrals or the generation of business in items or services paid for by federal health care programs) and the federal Stark Act (which prohibits a physician from making referrals for certain designated health services, including laboratory services, covered by the Medicare program to an entity with which the physician or immediate family member has a direct or indirect financial relationship); (2) accordingly, the Company would be likely to be subject to increased legal and regulatory scrutiny; (3) the Company’s revenues, to the extent derived from the foregoing illegal conduct, were unsustainable; (4) the foregoing, if disclosed, would be likely to subject the Company to material financial and/or reputational damage; and (5) as a result, the Company’s public statements were, at all relevant times, materially false and misleading. As the true details emerged, the lawsuit alleges that investors suffered damage
Investors who have purchased or otherwise acquired Fulgent stock should contact the company before November 21, 2022 Lead Plaintiff’s Application Deadline. A trail …
