Philadelphia, Pennsylvania--(Newsfile Corp. - December 16, 2021) - Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp. ("Ginkgo" or the "Company") (NYSE: DNA) (NYSE: SRNG) between May 11, 2021 and October 5, 2021 (the "Class Period").
If you purchased Ginkgo securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Ginkgo is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Ginkgo is a biotech company that develops platforms for cell programming which are used to enable biological production of products, such as therapeutics, food ingredients, and chemicals currently derived from petroleum.
On October 6, 2021, Scorpion Capital published a report labeling Ginkgo as "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 revenues are derived from related-party transactions and purported "customers" that Ginkgo created, funded, and controls. Scorpion also alleged that Ginkgo's reported foundry revenue is phantom, non-cash and "pure accounting hocus-pocus."
On the publication of this report, Ginkgo's stock price fell $1.39, or 12%, to close at $10.59 per share on October 6, 2021.
Then, on November 15, 2021, after the Class Period, Ginkgo acknowledged that it had received an inquiry from the United States Department of Justice relating to the financial misconduct allegations in the Scorpion report.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107854
Source: Berger Montague