GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF SHAREHOLDERS OF GINKGO BIOWORKS HOLDINGS, INC. (NYSE: DNA) F/K/A SOARING EAGLE ACQUISITION CORP. (NASDAQ: SRNG)
Ginkgo Bioworks Holdings, Inc. operates a horizontal platform for cell programming, designed to enable biological production of products as diverse as novel therapeutics, key food ingredients, and chemicals currently derived from petroleum.
A federal securities class action complaint against Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) F/K/A Soaring Eagle Acquisition Corp. (NASDAQ: SRNG) and certain of its officers has survived a motion to dismiss.
According to that complaint, Ginkgo made over a dozen false and misleading statements regarding its operations, including: (a) inaccurately describing circular, related party deals that manipulated reported revenue and deferred revenue; (b) inaccurately describing the value of services it performed under the related party deals; (c) misrepresenting certain related parties as independent; and (d) overstating the amount of non-party related revenue Ginkgo generated.
The putative class consists of all persons who purchased or otherwise acquired shares in Ginkgo (including by way of exchange of SRNG shares) pursuant or traceable to the proxy/registration statement that Defendants filed with the SEC on Form S-4 on May 14, 2021, and that was thereafter amended on Forms S-4/A on June 28, 2021, July 16, 2021, August 4, 2021, and August 9, 2021 and the body of which was incorporated into the final prospectus on Form 424(b)(3) filed on August 13, 2021.
Current Ginkgo shareholders who hold the company via the Soaring Eagle SPAC, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.
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