May 18, 2021 - An amended complaint was filed.

October 5, 2020 - An investor in shares of Precigen, Inc. (NASDAQ: PGEN) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Precigen, Inc., f/k/a Intrexon Corporation (XON), in connection with certain allegedly false and misleading statements made between May 10, 2017 and September 25, 2020.

Germantown, MD based Precigen, Inc. discovers and develops the next generation of gene and cellular therapies in the United States.

On September 25, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced a cease-and-desist order against the Company which involved inaccurate reports concerning the company's purported success converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary methane bioconversion ('MBC') program. The cease-and-desist order noted that Intrexon was primarily using significantly more expensive pure methane for the relevant laboratory experiments but was indicating that the results had been achieved using natural gas.

Further, the cease-and-desist order stated that Intrexon pitched the MBC program privately to numerous potential business partners over the course of 2017 and 2018. A number of these potential partners performed due diligence on the MBC program including reviewing lab results and plans for commercialization. Intrexon has not yet found a partner for the MBC program. Shares of Precigen, Inc. (NASDAQ: PGEN) declined on September 25, 2020 to as low as $3.41 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Precigen, Inc. (NASDAQ: PGEN) common shares between May 10, 2017 and September 25, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 10, 2017 and September 25, 2020, the defendants 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, that yields from natural gas as a feedstock were substantially lower than the aforementioned pure methane yields, that due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock, that the Company’s financial statements for the quarter ended March 31, 2018 were false and could not be relied upon, that the Company had material weaknesses in its internal controls over financial reporting, that the Company was under investigation by the SEC since October 2018, and that as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times.