GINKGO BIOWORKS HOLDINGS, INC. F/K/A SOARING EAGLE ACQUISITION CORP. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp. (NYSE : DNA, SRNG) between May 11, 2021 and October 5, 2021. The lawsuit seeks to recover Ginkgo Bioworks Holdings, Inc. shareholders’ investment losses.
If you purchased shares of Ginkgo Bioworks Holdings, Inc. between May 11, 2021 and October 5, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — 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 Southern District of New York 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.
Ginkgo operates a horizontal platform for cell programming, designed to enable biological production of products as diverse 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/or 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) as a result, 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; (4) many of the Company’s new R&D partners are undisclosed related parties and/or façades; (5) as a result, the Company’s valuation was significant less than Defendants disclosed to investors; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On October 6, 2021, market researcher Scorpion Capital released a 175-page report alleging that Ginkgo is a “colossal scam,” and 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.
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.
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