GINKGO BIOWORKS HOLDINGS, INC. F/K/A SOARING EAGLE ACQUISITION CORP. (NYSE: DNA, SRNG) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Ginkgo Bioworks Holdings, Inc.
NEW YORK, Nov. 19, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp. ("Ginko") (NYSE: DNA, SRNG) between May 11, 2021 and October 5, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 Securities Exchange Act of 1934 and SEC Rule 10b-5.
If you purchased or otherwise acquired Ginkgo securities, and/or would like to discuss your legal rights and options, please visit Ginkgo Bioworks Holdings Inc. f/ak/a Soaring Eagle Acquisition Corp Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Ginkgo operates a horizontal platform for cell programming, designed to enable biological production of products such as novel therapeutics, key food ingredients, and chemicals currently derived from petroleum. Before the merger with special purpose acquisition company ("SPAC") Soaring Eagle Acquisition Corp. ("Soaring Eagle"), the Company was known as Ginkgo Bioworks, Inc.
According to the complaint, Defendants made false and/or misleading statements and failed to disclose that: (1) the Company's failure to derive real revenue from third-party customers left it almost completely dependent on related parties; (2) most, if not all, of the Company's revenue came from related parties the Company created, funded, or controlled through its ownership and board seats; (3) the Company was misclassifying and underreporting related party revenue in order to conceal the Company's near total-dependence on related parties; and (4) many of the Company's new R&D partners are undisclosed related parties and/or façades.
On October 6, 2021, market researcher Scorpion Capital released a 175-page report alleging that Ginkgo is a "colossal scam," describing the Company as a "shell game" whose revenue is highly dependent on related party transactions. The report alleges that Gingko is a "Frankenstein mash-up of the worst frauds of the last 20 years" and "one of the most brazen frauds of the last 20 years." On this news, Ginkgo's shares fell $1.39 per share, or approximately 12%, to close at $10.59 per share on October 6, 2021, damaging investors.
On November 15, 2021, the Company acknowledged that shortly after the Scorpion Capital report, Ginkgo received an inquiry from the United States Department of Justice relating to the financial misconduct allegations in the report.
If you wish to serve as lead plaintiff, you must move the Court no later than January 18, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired Ginkgo securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/ginkgobioworksholdingsinc-f-k-a-soaringeagleacquisitioncorp-dna-srng-shareholder-lawsuit-class-action-fraud-stock-459/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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