RADNOR, Pa., Nov. 30, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Ginkgo Bioworks Holdings, Inc. (“Ginkgo”) (NYSE: DNA) f/k/a Soaring Eagle Acquisition Corp. (NASDAQ: SRNG). The action charges Ginkgo with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Ginkgo’s materially misleading statements to the public, Ginkgo investors have suffered significant losses.
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CLICK HERE TO SUBMIT YOUR GINKGO LOSSES
LEAD PLAINTIFF DEADLINE: January 18, 2022
CLASS PERIOD: May 11, 2021 through October 5, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at firstname.lastname@example.org
GINKGO’S ALLEGED MISCONDUCT
Ginkgo, headquartered in Boston, is a biotech company that develops platforms for cell programming which are used to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals currently derived from petroleum.
On October 6, 2021, analyst Scorpion Capital published an investigative report concluding "Ginkgo is a house of cards - in our opinion, one of the most brazen frauds of the last 20 years." The report indicated that Ginkgo's business model is a related-party model whereby essentially 100% of the company's deferred revenue are derived from related-party "customers" it created, funded, controls or influences via its ownership position and board seats. Scorpion also alleged that Ginkgo has engaged in a brazen effort to misclassify and misreport related-party revenue and deceive investors with phony accounting and at least half of Ginkgo's reported foundry revenue is phantom, non-cash and "pure accounting hocus-pocus."
Following this news, Ginkgo's stock price fell $1.39, or approximately 12%, to close at $10.59 per share on October 6, 2021.
Recently, on November 15, 2021, Ginkgo admitted that shortly after the issuance of the Scorpion Capital report, the company received an inquiry from the United States Department of Justice relating to the financial misconduct allegations in the report.
WHAT CAN I DO?
Ginkgo investors may, no later than January 18, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Ginkgo investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
A video accompanying this release is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/cfda65ce-64b7-4c18-92d9-9abe3cc18e27