NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Ginkgo Bioworks Holdings, Inc. (“Ginkgo” or the “Company”) (NYSE: DNA) on behalf of Ginkgo stockholders. Our investigation concerns whether Ginkgo has violated the federal securities laws and/or engaged in other unlawful business practices.
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Ginkgo develops platform for cell programming. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. Ginkgo serves various end markets, including specialty chemicals, agriculture, food, consumer products, and pharmaceuticals.
On October 6, 2021, analyst Scorpion 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 claimed that Ginkgo’s business model is a related-party model whereby essentially 100% of the company’s deferred revenue are derived from related-party “customers” it created, funded, controls or influences via its ownership position and board seats. The report also alleged that Ginkgo has engaged in a brazen effort to misclassify and misreport related-party revenue and deceive investors with phony accounting and at least half of Ginkgo’s reported foundry revenue is phantom, non-cash and “pure accounting hocus-pocus.”
Following this news, Ginkgo’s stock price fell $1.39, or over 11%, to close at $10.59 per share on October 6, 2021.
If you purchased or otherwise acquired Ginkgo shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
