Precigen | PGEN (Ex Intrexon | XON) $13M Shareholder Settlement

Precigen | PGEN (Ex Intrexon | XON) agreed to pay $13 million to settle a securities class action lawsuit to avoid further litigation.

The Complaint alleged that the Company & Its Leaders 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;

• yields from natural gas as a feedstock were substantially lower than the aforementioned pure methane yields;

• due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock;

• the Company’s financial statements for the quarter ended March 31, 2018 were false and could not be relied upon;

• the Company had material weaknesses in its internal controls over financial reporting;

• the Company was under investigation by the SEC since October 2018