Precigen, Inc. f/k/a Intrexon Corporation
Lead Plaintiff Deadline: 12/04/2020
SUMMARY OF CASE:
A securities class action has been filed against Precigen, Inc. f/k/a Intrexon Corporation (NASDAQ: PGEN, XON) on behalf of purchasers of the securities of Precigen between May 10, 2017 through September 25, 2020. This case has been filed in the USDC – N.D.CA.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was using pure methane as feedstock for its announced yields for its methanotroph bioconversion platform instead of natural gas; (2) yields from natural gas as a feedstock were substantially lower than the aforementioned pure methane yields; (3) due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock; (4) the Company’s financial statements for the quarter ended March 31, 2018 were false and could not be relied upon; (5) the Company had material weaknesses in its internal controls over financial reporting; (6) the Company was under investigation by the SEC since October 2018; and (7) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.