Fulgent Genetics, Inc.

Pugley v. Fulgent Genetics, Inc. et al., (Case No. 2:22-cv-06764), C.D. Cal.

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On August 4, 2022, after the market closed, Fulgent Genetics, Inc. released Q2 2022 financial results. Contained in the earnings release, Fulgent disclosed that the company had received a Civil Investigative Demand from the U.S. Department of Justice, investigating “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.”

Shares of Fulgent Genetics, Inc. fell as much as 7.7% in intraday trading on August 5, 2022, closing down 5.7% from the prior day’s close.

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