SAN FRANCISCO, October 2, 2020 / PRNewswire / – Hagens Berman urges Precigen, Inc. (NASDAQ: PGEN) (f / k / a Intrexon) investors with significant losses to file their losses now. The company is investigating possible violations of the Securities Act and certain investors may have valuable claims.
Relevant period: Before September 25, 2020
Contact an attorney now: (Email protected)
Investigation by Precigen, Inc. (PGEN):
The investigation focuses on Precigen's claims regarding the conversion of relatively inexpensive natural gas to more expensive industrial chemicals using its Methane Bioconversion Program ("MCB").
The program should use inexpensive natural gas as a feedstock for converting methane into high quality chemicals. The company intended to genetically engineer methanotrophs, organisms that consume and metabolize methane, the main constituent of natural gas, as an energy source, to produce high quality chemicals on a commercial scale through a fermentation process using natural gas as a feedstock – something that has never been seen before had been done before.
On April 21, 2016Spotlight Research published a damning report that identified the company as a scam and drawn parallels with Theranos.
On May 3, 2016Motley Fool concluded, after reviewing Spotlight's 90-page report, "I cannot point to a single internally developed technical advantage (the company) has over any of its competitors" and "(s) or anyone in technical biology. " Field because it just doesn't exist. "
On May 11, 2020Precigen announced that the SEC had served the company with a subpoena regarding disclosure of the MCB program.
Finally on September 25, 2020The SEC issued an injunction against the company, finding that the company violated federal securities laws. The SEC found that the company primarily used more expensive pure methane for the relevant laboratory experiments, and notified investors that the results were obtained using natural gas.
"We are focusing on investor losses and whether Precigen and executives intentionally advertised counterfeit technology," he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are an Interface investor and you are experiencing significant losses or have knowledge that may aid the company's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with nonpublic information about Precigen should review their options to help with the investigation or use the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Call for more information Reed Kathrein at 844-916-0895 or by email (Email protected).
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SOURCE Hagens Berman Sobol Shapiro LLP