A lawsuit was filed on behalf of investors in Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/07/2021 -- An investor, who purchased shares of Ginkgo Bioworks Holdings, Inc. (NYSE: DNA), filed a lawsuit over alleged violations of Federal Securities Laws by Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp.
Investors who purchased shares of Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) have certain options and for certain investors are short and strict deadlines running. Deadline: January 17, 2022. NYSE: DNA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Boston, MA based Ginkgo Bioworks Holdings, Inc. develops platform for cell programming.
On October 6, 2021, Scorpion Capital published a 175-page research report alleging that Ginkgo Bioworks Holdings, Inc. is a "colossal scam" and that its business model is a "shell game." According to the report, Ginkgo Bioworks is highly dependent on related party transaction revenues and the Company is a "Frankenstein mash-up of the worst frauds of the last 20 years."
Shares of Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) declined from $12.27 per share on October 5, 2021, to $7.91 per share on December 6, 2021.
The plaintiff claims that between May 11, 2021 and October 5, 2021, the defendants and/or misleading statements and/or failed to disclose that the Company's failure to derive real revenue from third-party customers left it almost completely dependent on related parties, that 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, thatthe Company was misclassifying and underreporting related party revenue in order to conceal the Company's near total-dependence on related parties, that many of the Company's new R&D partners are undisclosed related parties and/or façades, that as a result, the Company's valuation was significant less than Defendants disclosed to investors, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) have certain options and should contact the Shareholders Foundation.
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