RADNOR, PA / ACCESSWIRE / December 6, 2021 / Law firm Kessler Topaz Meltzer & Check, LLP advises investors that a securities class action lawsuit has been filed against Ginkgo Bioworks Holdings, Inc. (âGinkgoâ) (NYSE: DNA) f / k / a Soaring Eagle Acquisition Corp. (NASDAQ: SRNG). The action accuses Ginkgo of violations of federal securities laws, including fraudulent omissions and misrepresentation regarding the business, operations and prospects of the company. As a result of Ginkgo’s materially misleading statements to the public, Ginkgo’s investors suffered significant losses.
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MAIN COMPLAINANT DEADLINE: January 18, 2022
COURSE PERIOD: from May 11, 2021 to October 5, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS: James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or by email at [email protected]
Boston-headquartered Ginkgo is a biotechnology company that develops cell programming platforms that are used to enable the biological production of products, such as new therapeutics, food ingredients, and currently derived chemicals. petrol.
On October 6, 2021, the analyst Capital of Scorpio released an investigative report concluding that “The Ginkgo is a house of cards – in our opinion one of the bravest frauds of the past 20 years.” The report states that Ginkgo’s business model is a related party model in which essentially 100% of the company’s deferred revenue comes from related âcustomersâ that it has created, funded, controlled or influenced through its ownership position and policies. seats on the board of directors. Scorpio also alleged that Ginkgo has engaged in a cheeky effort to misclassify and report related party income and mislead investors with bogus accounting and that at least half of Ginkgo’s reported smelter income is income phantom, non-monetary and âpure accountingâ.
Following this news, Ginkgo’s stock price fell $ 1.39, or about 12%, to close at $ 10.59 per share on October 6, 2021.
Recently, on November 15, 2021, Ginkgo admitted that shortly after the SCapital Corp report, the company received a request from the United States Department of Justice regarding the allegations of financial misconduct contained in the report.
WHAT CAN I DO?
Ginkgo investors can, no later than January 18, 2022, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may elect to do nothing and remain an absent member of the class. Kessler Topaz Meltzer & Check, LLP encourages investors in Ginkgo who have suffered significant losses to contact the company directly for more information.
CLICK HERE TO SUBSCRIBE TO THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the most significant financial interest and who are also suitable and typical for the proposed investor category. The lead plaintiff chooses a lawyer to represent the lead plaintiff and the class and these lawyers, if approved by the court, are the lead or class advocates. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, fault and neglect on the part of businesses and trustees. In the end, we were successful if the bad guys pay and you get your holdings back. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
THE SOURCE: Kessler Topaz Meltzer & Check, LLP
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