PGEN.US
id: 600, Created by Stan Vick, Scout
Precigen | PGEN (Ex Intrexon | XON) $13M Shareholder Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim payout
N.D. California
Court5:20-cv-06936-BLF
Case number10 May 2017
Class period Start25 Sept 2020
Class period End25 Nov 2023
Claim deadlinePrecigen | 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
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
05 October 2020
Lead plaintiff
Raju Shah
Attorney
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
19 October 2023
Exclusion deadline
26 September 2023
Objection deadline
26 September 2023
Hearing deadline
26 September 2023
Class wide damages
$65,000,000
Trades matching type
FIFO
+$13,000,000
Total Settlement Amount