Kessler Topaz Meltzer & Check, LLP: Securities Fraud Class Action Lawsuit Filed Against Ginkgo Bioworks Holdings, Inc. Investors (DNA)
The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed 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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LEAD PLAINTIFF DEADLINE: January 18, 2022
CLASS PERIOD: May 11, 2021 through October 5, 2021
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GINKGO'S ALLEGED MISCONDUCT
On October 6, 2021, analyst Scorpion Capital published an investigative report conclding "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?
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