Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, reminds investors that class action lawsuits are pending against Precigen, Inc. ("Precigen" or the "Company") (NASDAQ: PGEN) (formerly Intrexon Corp. (NYSE: XON)) and certain of its officers and directors alleging violations of federal securities laws. If you purchased or otherwise acquired Precigen securities between May 10, 2017 and September 25, 2020, both dates inclusive (the "Class Period"), and have suffered losses, you are encouraged to contact Rhiana Swartz for additional information at (844) 818-6980 or email@example.com.
Precigen operates in the synthetic biology field and creates biologically-based products.
The complaints allege that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose 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; and (5) the Company had material weaknesses in its internal controls over financial reporting.
On March 2, 2020, the Company filed a Form 10-K for the year ended December 31, 2019, stating that the Securities and Exchange Commission’s ("SEC") Division of Enforcement issued a subpoena "informing the Company of a non-public, fact-finding investigation concerning the Company’s disclosures regarding its methane bioconversion platform," but that "the investigative work was largely completed."
On this news, the stock dropped over 17% to close at $3.24 on March 3, 2020.
Then, on September 25, 2020, the SEC announced a cease and desist order against Precigen. The cease and desist order involved "inaccurate reports concerning the Company’s purported success converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary methane bioconversion ("MBC") program." The order noted that the Company 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."
What You Can Do
If you purchased Precigen securities between May 10, 2017 and September 25, 2020, both dates inclusive, and have suffered losses, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz for additional information at (844) 818-6980 or firstname.lastname@example.org. The lead plaintiff deadline is December 4, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201125005856/en/