Precigen Gets Initial Nod for $13 Million Stock Drop Settlement

A federal judge Thursday preliminarily approved a $13 million settlement in a securities fraud lawsuit alleging Precigen Inc. materially misstated progress in a synthetic biology program.

The proposed all-cash settlement covers those who held stock in the company, formerly known as Intrexon Corp., between May 10, 2017, and Sept. 25, 2020, and alleged their stock dropped 85%.

“In fact, I think it’s a very good settlement,” Judge Beth Labson Freeman of the US District Court for the Northern District of California said during a hearing.

The lawsuit alleged Precigen and executives made misleading statements about the company’s methane bioconversion program, ...