Intrexon is trying to kill the messenger and not the message, which, in my opinion, is a mistake. Believe me, no one is a bigger Randall J. ‘Fucking’ Kirk fan than me. But blaming evil hedge funds for shorting your stock and taking a short position against you, one day after your stock plunged by 25%, probably isn’t what shareholders want to hear.
They want fire and brimstone. This is subterfuge.
In this case, however, Intrexon 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 received a draft report, dated Dec 2015, which contained similarly inaccurate claims and strikingly similar language, in some parts identical words, to that used in yesterday’s report. Moreover, Intrexon received information that the source of the report was a particular hedge fund seeking to discredit Intrexon. 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 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, with the advice of counsel, is taking appropriate steps in light of these developments
The stock is up a smidge in pre-market trading.
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You can always identify who is wrong in a debate as the party that makes ad hominum attacks rather than address the substance of the issues. Works every time.
investing in a biotech company is no better than playing roulette