The Law Offices Of Frank R. Cruz Reminds Investors Of Looming Deadline In The Class Action Lawsuit Against Precigen, Inc. F/k/a Intrexon Corporation (PGEN, XON)

The Law Offices of Frank R. Cruz reminds investors of the upcoming December 4, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Precigen, Inc.
Author:
Publish date:

The Law Offices of Frank R. Cruz reminds investors of the upcoming December 4, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Precigen, Inc. ("Precigen" or the "Company") f/k/a Intrexon Corporation ("Intrexon") (NASDAQ: PGEN, XON) securities between May 10, 2017 and September 25, 2020, inclusive (the "Class Period").

If you are a shareholder who suffered a loss, click here to participate.

On September 25, 2020, the U.S. Securities and Exchange Commission ("SEC") announced a $2.6 million civil penalty against the Company related to its statements about the "purported success converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary methane bioconversion ('MBC') program." In its cease-and-desist order, the SEC noted that "Intrexon was primarily using significantly more expensive pure methane for the relevant laboratory experiments but was indicating that the results had been achieved using natural gas." Though the Company had pitched the program to business partners throughout 2017 and 2018, the SEC pointed out that a "number of the potential partners performed due diligence on the MBC program including reviewing lab results and plans for commercialization[, and] Intrexon has not yet found a partner for the MBC program."

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Intrexon 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) Intrexon had material weaknesses in its internal controls over financial reporting; (6) the Company was under investigation by the SEC since October 2018; and (7) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Precigen securities during the Class Period, you may move the Court no later than December 4, 2020to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005356/en/