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

It is still possible to file a late claim. The court will decide whether to accept late claims or not.

N.D. California

Court

5:20-cv-06936-BLF

Case number

10 May 2017

Class period Start

25 Sept 2020

Class period End

25 Nov 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 Status

Accepting Late Claims

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

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

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

Cash Settlement Amount