Intrexon Provides Update on Recent Stock Trading Activity
PR NEWSWIRE 7:15 AM ET 4/22/2016
Symbol Last Price Change
XON 27.1 -9.73 (-26.42%)
QUOTES AS OF 04:00:41 PM ET 04/21/2016
GERMANTOWN, Md. , April 22, 2016 /PRNewswire/ -- Intrexon Corporation(XON) , a leader in synthetic biology, provided an update to its shareholders regarding recent trading activity in the company's common stock. On Thursday, April 21, 2016, a materially false and misleading report regarding the company, its subsidiaries and its chairman and CEO was published on Seeking Alpha, a financial blog.
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Intrexon (XON) does not, as a general matter, respond to blog posts, investor reports or analyst communications. In this case, however, Intrexon(XON) is providing this update given the inaccuracy of the report's content, the stated intent of the publisher to issue several more spurious reports in the coming days, and information received last night regarding the erroneous publication.
Yesterday evening, Intrexon(XON) received a draft report, dated December 2015, which contained similarly inaccurate claims and strikingly similar language, in some parts identical words, to that used in yesterday's report. Moreover, Intrexon(XON) received information that the source of the report was a particular hedge fund seeking to discredit Intrexon(XON). The hedge fund, according to our information, desired to take a short position in the company's stock, was seeking a willing publisher of its report on the company, and intended to benefit from trading activity caused thereby.
Based on this information, Intrexon(XON) believes that it is the target of a campaign to manipulate trading in the company's securities, interfere with the company's business operations, and destroy the reputation of the company and its chairman and CEO. Intrexon(XON), with the advice of counsel, is taking appropriate steps in light of these developments. In the meantime, we wish to assure our investors, collaboration partners, and employees that the company remains dedicated to advancing our business and to generating value for our shareholders.
