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PGEN.US
id: 600

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

The settlement funds have been distributed to claimants.
$13,000,000
Cash Settlement
N.D. California
Court
5:20-cv-06936-BLF
Case number
05/10/2017
Class period Start
09/25/2020
Class period End
11/25/2023
Claim deadline
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
Case Type
US Securities Class Action
Case Status
Disbursed
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.13
Filing date
10/05/2020
Plaintiffs
Raju Shah
Attorneys
Scott+Scott Attorneys at Law LLP (San Diego, CA), The Schall Law Firm (Los Angeles, CA)
Defendants
Randal J. Kirk,
Judge
Hon. Beth Labson Freeman
Administrator
A.B. Data Ltd
Court hearing date
10/19/2023
Exclusion deadline
09/26/2023
Objection deadline
09/26/2023
Hearing deadline
09/26/2023
Class wide damages
$65,000,000
Trades matching type
FIFO
Disbursement date
10/09/2024

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