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NEW YORK, NY / ACCESSWIRE / December 15, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Ginkgo Bioworks Holdings, Inc. ("Ginkgo" or the "Company") (NYSE:DNA). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Ginkgo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 6, 2021, market researcher Scorpion Capital ("Scorpion") released a 175-page report alleging that Ginkgo is a "colossal scam," and describing the Company as a "shell game" whose revenue is highly dependent on related party transactions. The Scorpion report alleges that Gingko is a "Frankenstein mash-up of the worst frauds of the last 20 years" and "one of the most brazen frauds of the last 20 years." Scorpion described its report was based on an "intensive investigation into Ginkgo's business model and practices, with a particular focus on the related-party entities that drive the bulk of its revenue." As part of this investigation, Scorpion "completed 21 research interviews, encompassing a broad sample of former employees and executives of Ginkgo, as well as individuals who are currently employed at its related-party "customers." Following publication of the Scorpion report, Ginkgo's stock price fell $1.39 per share, or approximately 12%, to close at $10.59 per share on October 6, 2021.
Then, on November 16, 2021, the Company acknowledge that shortly after publication of the Scorpion report, Ginkgo received an inquiry from the U.S. Department of Justice relating to the allegations of financial misconduct contained in the Scorpion report.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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