NEW YORK, May 20, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Intrexon Corporation (“Intrexon” or the “Company”) (NYSE:XON) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-02457, is on behalf of a class consisting of all persons or entities who purchased Intrexon securities between May 12, 2015 and April 20, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Intrexon securities during the Class Period, you have until July 5, 2016 to seek appointment as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. Click here to join this action.
Intrexon operates in the field of synthetic biology in the United States.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Intrexon was overstating its revenue; and (ii) as a result, Defendants’ statements about Intrexon’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On April 21, 2016, analyst firm Spotlight Research issued a report about Intrexon asserting, among other things, that the Company’s revenues are overstated by 50% through transactions with related parties.
On this news, share of Intrexon fell $9.73 per share or approximately 26% from its previous closing price to close at $27.10 per share on April 21, 2016, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com