SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Ginkgo Bioworks Holdings, Inc. (DNA/SRNG) Shareholders and Encourages Long-Term Investors to Contact the Company | 2022-01-17 | Press Releases
Philadelphia, Pa.–(Newsfile Corp. – Jan. 17, 2022) – Kaskela Law LLC announces it is investigating Ginkgo Bioworks Holdings, Inc. (“Ginkgo”) (NYSE: DNA) f/k/a Soaring Eagle Acquisition Corp. (NASDAQ: SRNG) on behalf of the company’s long-term shareholders.
The investigation seeks to determine whether members of Ginkgo’s board of directors have violated securities laws or breached their fiduciary duties to shareholders in recent actions and disclosures, and whether long-term shareholders term of the company have been harmed as a result of such action. .
Ginkgo is developing a cell programming platform. The current company was created in September 2021 through a business combination with the SPAC entity Soaring Eagle Acquisition Corp., with Ginkgo as the surviving public entity.
On October 6, 2021, the analyst Scorpio Capital published an investigative report concluding “Ginkgo is a house of cards – in our opinion, one of the most brazen frauds of the last 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 “customers” that it created, funded, controlled or influenced through its ownership position and its seats on the board of directors. Scorpio also alleged that Ginkgo engaged in a brazen effort to misclassify and report related party earnings and mislead investors with false accounting and that at least half of Ginkgo’s reported smelter earnings are phantom, non-monetary and “pure accounting sleight of hand”. Following this news, shares of Ginkgo fell $1.39 per share, or about 12% in value, to close at $10.59 per share on October 6, 2021. Since then, the company’s shares have continued to decline and are currently trading at around $6.00 per share.
Current shareholders who have purchased or acquired shares of Ginkgo or Soaring Eagle Acquisition Corp. before August 10, 2021 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740, or by email ([email protected]) or online at https://kaskelalaw.com/cases/ginkgo-bioworks-holdings-inc/, for more information about this investigation and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger and acquisition litigation. For more information about Kaskela Law LLC, please visit www.kaskelalaw.com. This notice may constitute advertising for attorneys in some jurisdictions.
D.Seamus Kaskela, Esq.
Adrienne Bell, Esq.
SARL DE LOI KASKELA
18 Campus Blvd., Suite 100
Newtown Square, Pennsylvania 19073
(888) 715 – 1740
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110512