Lawsuit filed for Investors in shares of Precigen, Inc. (NASDAQ: PGEN)

An investor, who purchased shares of Precigen, Inc. (NASDAQ: PGEN), filed a lawsuit over alleged violations of Federal Securities Laws by Precigen, Inc., f/k/a Intrexon Corporation (XON).

Investors who purchased shares of Precigen, Inc. (NASDAQ: PGEN) have certain options and for certain investors are short and strict deadlines running. Deadline: December 4, 2020. NASDAQ: PGEN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Germantown, MD based Precigen, Inc. discovers and develops the next generation of gene and cellular therapies in the United States.

On September 25, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced a cease-and-desist order against the Company which 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 cease-and-desist order 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."
Further, the cease-and-desist order stated that "Intrexon pitched the MBC program privately to numerous potential business partners over the course of 2017 and 2018. A number of these potential partners performed due diligence on the MBC program including reviewing lab results and plans for commercialization. Intrexon has not yet found a partner for the MBC program.

The plaintiff claims that between May 10, 2017 and September 25, 2020, the defendants made false and/or misleading statements and/or failed to disclose to investors that the Company was using pure methane as feedstock for its announced yields for its methanotroph bioconversion platform instead of natural gas, that yields from natural gas as a feedstock were substantially lower than the aforementioned pure methane yields, that due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock, that the Company’s financial statements for the quarter ended March 31, 2018 were false and could not be relied upon, that the Company had material weaknesses in its internal controls over financial reporting, that the Company was under investigation by the SEC since October 2018, and that as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times.

Those who purchased shares of Precigen, Inc. (NASDAQ: PGEN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.