According to the Complaint, Precigen, Inc. (formerly known as Intrexon Corporation) purportedly operates in the synthetic biology field and creates biologically-based products. During the Class Period, the Company’s securities traded on the New York Stock Exchange under the ticker symbol “XON” until September 25, 2018, when the Company’s stock began trading on the NASDAQ market. On February 1, 2020, the Company changed its name to “Precigen, Inc.” and its stock symbol to “PGEN.”
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was using pure methane as feedstock for its announced yields for its methanotroph bioconversion platform instead of natural gas; (2) yields from natural gas as a feedstock were substantially lower than the aforementioned pure methane yields; (3) due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock; (4) the Company’s financial statements for the quarter ended March 31, 2018 were false and could not be relied upon; (5) the Company had material weaknesses in its internal controls over financial reporting; (6) the Company was under investigation by the SEC since October 2018; and (7) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
On April 8, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 18. Defendants filed a Motion to Dismiss the amended Complaint on August 2. On September 27, Lead Plaintiff filed a second amended Complaint. The Court then terminated the pending Motion to Dismiss as moot.
Defendants filed a Motion to Dismiss the second amended Complaint on November 3, 2021. On May 31, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. Lead Plaintiff filed a third amended Complaint on August 1.
On March 1, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on July 7. On November 6, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.