NEW YORK, NY / ACCESSWIRE / September 18, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Intrexon Corporation ("Intrexon" or the "Company") (XON). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Intrexon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 9, 2018, Intrexon announced that it would restate the unaudited interim consolidated financial statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. Intrexon advised investors that the restatement was the result of incorrect application of certain aspects of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. According to the Company, "these errors have resulted in an overstatement of deferred revenue and accumulated deficit by approximately $67 million as of the adoption date."
On this news, Intrexon's share price fell $0.34 per share, or 2.21%, to close at $15.05 per share on August 10, 2018. Then, on August 13, 2018, Intrexon filed an amended and restated 10-Q for the quarter ended March 31, 2018. On this news, Intrexon's share price fell $0.95 per share, or 6.31%, to close at $14.10 per share on August 13, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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.
SOURCE: Pomerantz LLP