Public

On August 4, 2022, Fulgent disclosed that the SEC was conducting an investigation into certain of the Company’s reports filed with the SEC from 2018 through Q1 2020. 

Earlier Fulgent received a civil investigative demand issued by the U.S. Department of Justice “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.”

On this news, Fulgent’s stock price declined over 21% through the next 3 trading days, seriously damaging investors.

Fulgent Genetics Inc

Attorney Investigation

Mismanagement

Misleading Statements

Financial Misrepresentation

Failure to Disclose

Malpractice

Negligence

Breach of Fiduciary duty

Omissions

Directors

Management

Service Provider

Stocks

Long

Fulgent Genetics, Inc., together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases. Its therapeutic development solutions focus on developing drug candidates for treating a range of cancers using a nanoencapsulation and targeted therapy platform to enhance the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The company operates picture genetics platform, which includes gene probes, data suppression and comparison algorithms, adaptive learning software, and proprietary laboratory information management systems that helps customers to identify health markers in their personal DNA. It serves insurance, hospitals, medical institutions, other laboratories, governmental bodies, payors, municipalities and large corporations, and patients. The company was formerly known as Fulgent Diagnostics, Inc. and changed its name to Fulgent Genetics, Inc. in August 2016. Fulgent Genetics, Inc. was founded in 2011 and is headquartered in El Monte, California.

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