San Francisco, Calif .– (Newsfile Corp. – November 24, 2020) – Hagens Berman urges Precigen, Inc. (NASDAQ: PGEN) (f / k / a Intrexon) investors with significant losses to file their losses now. A class action lawsuit for securities fraud has been filed and certain investors may face sufficient losses to move on behalf of the lead plaintiff.
Classes: May 10, 2017 – September 25, 2020
Lead plaintiff deadline: December 4, 2020
Contact an attorney now: PGEN@hbsslaw.com
Precigen, Inc. (NASDAQ: PGEN) class action lawsuit against securities fraud:
The complaint alleges that the defendants misrepresented and concealed the following: (1) The Company used pure methane as the feedstock for its advertised revenues for its Methanotrophic Bioconversion Platform (“MCB”) instead of natural gas. (2) the yields from natural gas as the feedstock were significantly lower than the announced yields of pure methane; (3) Because of the significant price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock. (4) The company’s financial statements for the first quarter of 2018 were incorrect. (5) The Company had significant weaknesses in its internal controls over financial reporting. and (6) the company has been under investigation by the SEC since October 2018.
Investors allegedly began to learn the truth through a series of disclosures that began on August 9, 2018 when the company announced that it could no longer rely on them for financial results for the first quarter of 2018. In the adjusted results for the first quarter of 2018, the company made significant changes to prepaid expenses, income from collaboration and licensing, and the accumulated deficit, and acknowledged significant weaknesses in internal control over financial reporting.
Then on March 2, 2020, the company announced that it had received a subpoena from the SEC in October 2018 regarding Precigen’s MCB-related disclosures.
Finally, on September 25, 2020, the SEC issued an injunction that “contained inaccurate reports on the company’s alleged success in converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary product.” [MCB] Program.”
“We’re focusing on investor losses and proving that Precigen boiled up its books and promoted fake technology,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are a Precigen investor and are experiencing significant losses or have knowledge that may aid the company’s investigation, click here to discuss your statutory rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Precigen should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. For more information, call Reed Kathrein at 844-916-0895 or send an email to PGEN@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
Reed Kathrein, 844-916-0895
The source version of this press release can be found at https://www.newsfilecorp.com/release/68873