BENSALEM, Pa., Oct. 26, 2020 /PRNewswire/ -- Law Offices of Howard G. Smith 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").
Investors suffering losses on their Precigen investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 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) 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) 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.
If you purchased the Company's securities, you may move the Court no later than December 4, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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SOURCE Law Offices of Howard G. Smith