NEW YORK, Aug. 26, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Fulgent Genetics, Inc. (NASDAQ: FLGT), Clariant AG (OTCMKTS: CLZNY), Singularity Future Technology Ltd. (NASDAQ: SGLY), and Polished.com, Inc. (NYSEAmerican: POL). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Fulgent Genetics, Inc. (NASDAQ: FLGT)
Fulgent released its financial results for the second quarter of 2022 on August 4, 2022. As part of its release, the Company disclosed that the SEC is investigating certain Exchange Act reports for 2018 through the first quarter of 2020. This investigation comes after the DOJ issued a civil investigative demand to the Company “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.”
Based on this news, shares of Fulgent fell by $3.34 per share, or 5.3%, to close at $59.86 per share on August 5, 2022.
For more information on the Fulgent investigation go to: https://bespc.com/cases/FLGT
Clariant AG (OTCMKTS: CLZNY)
On February 14, 2022, Swiss chemical maker, Clariant AG, disclosed that it will delay issuing Q4 2021 and full year 2021 financial results due an ongoing internal investigation into potential accounting fraud.
Clariant AG is investigating internal whistleblower complaints that the company has known about since September 2021, pertaining to booking issues aimed at boosting results to meet targets.
On this news, shares of Clariant AG ADR shares fell more than 14% in intraday trading on February 14, 2022.
For more information on the Clariant investigation go to: https://bespc.com/cases/CLZNY
Singularity Future Technology Ltd. (NASDAQ: SGLY)
On May 5, 2022, Hindenburg Research (“Hindenburg”) published a report entitled “Singularity Future Technology: This Nasdaq-Listed Company’s CEO Is a fugitive, on the Run for Allegedly Operating a Massive Ponzi Scheme.’ The Hindenburg report alleged, among other things, that ‘singularity’s CEO, Yang Jie, is a fugitive on the run from Chinese authorities for running an alleged $300 million Ponzi scheme that lured in over 20,000 victims” and “fled to the U.S. while at least 28 other individuals involved in the case were sentenced to prison terms ranging from 6 months to 15 years.” The Hindenburg report further alleged that “Singularity’s massive [cryptocurrency] mining rig deal appears to be a brazen undisclosed related party deal” and that “[w]e see little evidence that Singularity’s ‘proprietary’ crypto mining rigs ever existed in the first place. The photos and descriptions of Singularity’s miners match precisely with another brand called KOI Miner.”
On this news, Singularity’s stock price fell $1.95 per share, or 28.89%, to close at $4.80 per share on May 5, 2022.
For more information on the Singularity investigation go to: https://bespc.com/cases/SGLY
Polished.com, Inc. (NYSEAmerican: POL)
In July 2020, Polished (then known as 1847 Goedeker Inc.) conducted its initial public offering (“IPO”), selling shares priced at $9.00 per share.
Then, on August 15, 2022, after market hours, Polished announced on Form 12b-25 filed with the SEC its inability to timely file its Form 10-Q for its second quarter of its fiscal year 2022 ended June 30, 2022 due to its Board’s Audit Committee recently beginning “an independent investigation regarding certain allegations made by certain former employees related to the Company’s business operations.” Further, the Company announced that “[t]he investigation is ongoing, and the Audit Committee continues to work diligently with independent counsel and consultants to complete the investigation” and that “[t]he Company cannot predict the duration of the investigation, eventual scope, its outcome, or its impact on the Company’s financial results.”
On this news, Polished’s share price fell sharply during after-hours trading on August 15, 2022 and pre-market trading on August 16, 2022.
For more information on the Polished investigation go to: https://bespc.com/cases/POL
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.