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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Ginkgo Bioworks Alert: Kaplan Fox Investigates Potential Securities Fraud at Ginkgo Bioworks ...

October 7, 2021 GMT

NEW YORK, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP ( www.kaplanfox.com ) is investigating claims on behalf of investors of Ginkgo Bioworks Holdings, Inc. (“Ginkgo Bioworks” or the “Company”) (NYSE: DNA) and Soaring Eagle Acquisition Corp. (“Soaring Eagle”) (Nasdaq: SRNG), a special acquisition corporation, or SPAC.

In September 2021, Ginkgo Bioworks went public via a transaction with Soaring Eagle.

On October 6, 2021, Scorpion Capital released a report alleging that Ginkgo Bioworks is a “colossal scam” and a “Frankenstein mash-up of the worst frauds of the last 20 years.” The 175-page report alleges that Ginkgo Bioworks’ business model is based on a “dubious shell game” and “related-party scheme.” The report alleges that “[t]he majority of [Ginkgo Bioworks’] foundry revenue, an absurd 72% in 2020, and essentially 100% of its deferred revenue are derived from related-party ‘customers’ it created, funded, controls, or influences via its ownership position and board seats.”

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On October 6, 2021, Ginkgo Bioworks’ shares fell $1.39 per share, or 11.6%, to close a $10.59 per share.

If you purchased or otherwise acquired Ginkgo Bioworks or Soaring Eagle securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com