SAN FRANCISCO, Oct. 6, 2020 /PRNewswire/ -- Hagens Berman urges Precigen, Inc. (NASDAQ: PGEN) (f/k/a Intrexon) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Precigen, Inc. (PGEN) Securities Fraud Class Action:
The complaint alleges that Defendants misrepresented and concealed that: (1) the Company was using pure methane as feedstock for its announced yields for its methanotroph bioconversion ("MCB") platform instead of natural gas; (2) yields from natural gas as a feedstock were substantially lower than the announced 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 1Q 2018 financial statements were false; (5) the Company had material weaknesses in its internal controls over financial reporting; and (6) the Company was under investigation by the SEC since October 2018.
Investors allegedly began to learn the truth through a series of disclosures beginning on Aug. 9, 2018, when the company announced that its 1Q 2018 financial results could no longer be relied on. In its restated 1Q 2018 results, the company made significant changes to deferred revenue, collaboration and licensing revenues and accumulated deficit, as well as admitted to material weaknesses in its internal controls over financial reporting.
Then, on Mar. 2, 2020, the company disclosed it received a subpoena in Oct. 2018 from the SEC concerning Precigen's MCB-related disclosures.
Finally, on Sept. 25, 2020, the SEC issued a cease and desist order involving "inaccurate reports concerning the company's purported success converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary [MCB] program."
"We're focused on investors' losses and proving that Precigen cooked its books and promoted fake technology," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Precigen investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers:Persons with non-public information regarding Precigen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email PGEN@hbsslaw.com.
About Hagens Berman Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP