Ginkgo Bioworks Holdings, Inc. Shareholder Alert: Robbins LLP Reminds Investors that Ginkgo Bioworks Holdings, Inc. (DNA) f/k/a Soaring Eagle Acquisition Corp. (SRNG) is Being Sued for Misleading Shareholders

·2 min read

SAN DIEGO, November 29, 2021--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities that purchased Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp. (NYSE: DNA) securities between May 11, 2021 and October 5, 2021. Ginkgo purportedly operates a horizontal platform for cell programming, designed to enable biological production of product as diverse as novel therapeutics, key food ingredients, and chemicals currently derived from petroleum.

If you suffered a loss due to Ginkgo Bioworks Holdings, Inc.'s misconduct, click here.

Ginkgo Bioworks Holdings, Inc. (DNA) Failed to Disclose its Related Party Revenue

According to the complaint, on May 11, 2021, the Company announced it would combine with Soaring Eagle to form Ginkgo Bioworks Holdings, Inc. During the class period, defendants failed to disclose that: (i) 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; (ii) the Company was misclassifying and underreporting related party revenue in order to conceal the Company's near total-dependence on related parties; and (iii) many of the Company's new R&D partners were undisclosed related parties or facades.

On October 6, 2021, Scorpion Capital released a report alleging that Gingko 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." The report further claimed that Ginkgo underreported its related party transactions in order to go public. On this news, the Company's share price fell approximately 12%, to close at $10.59 per share on October 6, 2021.

If you purchased Ginkgo Bioworks Holdings, Inc. (DNA) securities between May 11, 2021 and October 5, 2021, you have until January 17, 2022, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Ginkgo Bioworks Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005767/en/

Contacts

Aaron Dumas
Robbins LLP
5040 Shoreham Place
San Diego, CA 92122
adumas@robbinsllp.com
(800) 350-6003
www.robbinsllp.com

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