Firm Behind GMO Apples, Mosquitoes and Salmon Under Investigation for Securities Fraud
GMWatch.org – US synbio firm Intrexon, which owns GMO mosquitos, salmon and apples, is being investigated by lawyers for securities fraud.
The law firm Pomerantz LLP is investigating claims on behalf of investors of Intrexon Corporation. 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.
Source: PR Newswire