Hagens Berman Alerts Intrexon Corporation (NYSE: XON) Investors to Improper Revenue Recognition Securities Class Action and J...
May 05 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, alerts Intrexon Corporation (NYSE:XON) investors to the newly
filed improper revenue recognition class action lawsuit and the
July 5, 2016 lead plaintiff deadline. The litigation concerns
research reports concluding that Intrexon improperly inflated
reported revenues.
If you suffered significant losses because of your purchases of
Intrexon between May 12, 2015 and April 20, 2016 or have
information that will help our investigation contact Hagens Berman
Partner Reed Kathrein, who is leading the firm’s investigation by
calling 510-725-3000, emailing XON@hbsslaw.com or
visiting https://www.hbsslaw.com/cases/XON. The lawsuit was
filed in the U.S. District Court for the Northern District of
California and investors have until July 5, 2016 to move the court
to participate as a lead plaintiff.
On April 21, 2016, Seeking Alpha published Part 1 of a Spotlight
Research report stating Intrexon overstated revenues by 50% because
it improperly recorded revenues in transactions with related
parties. In response, Intrexon’s stock price fell
approximately 26% from its previous closing price to close at
$27.10 per share on April 21, 2016.
Then, on April 27, 2016, Seeking Alpha published Parts 2 - 8 of
the report stating “[i]n reality, we believe that XON is creating
revenues through round-tripping their own cash via related
parties.”
“We’re focused on Intrexon’s revenue recognition from its
collaborative arrangements, the apparent GAAP violations, the
damage to investors, and whether the Company will restate its
financial statements,” said Hagens Berman partner Reed
Kathrein.
Whistleblowers: Persons with non-public
information regarding Intrexon should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email XON@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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