Boston, Massachusetts--(Newsfile Corp. - November 19, 2021) - The Thornton Law Firm alerts investors that a class action lawsuit has been filed on behalf of investors of Ginkgo Bioworks Holdings, Inc. (NYSE: DNA). The case is currently in the lead plaintiff stage. Investors who purchased DNA securities between May 11, 2021 and October 5, 2021 may contact the Thornton Law Firm's investor protection team by visiting www.tenlaw.com/cases/Ginkgo for more information. Investors may also email investors@tenlaw.com or call 617-531-3917.
FOR MORE INFORMATION: www.tenlaw.com/cases/Ginkgo
The case alleges that Ginkgo and its senior executives made misleading statements to investors and failed to disclose that: (i) Ginkgo's failure to derive real revenue from third-party customers left it almost completely dependent on related parties; (ii) as a result, most, if not all, of the Ginkgo's revenue came from related parties the Company created, funded, or controlled through its ownership and board seats; (iii) Ginkgo was misclassifying and underreporting related party revenue in order to conceal the Company's near total-dependence on related parties; (iv) many of Ginkgo's new R&D partners are undisclosed related parties or facades; and (v) as a result, Ginkgo's valuation was significantly less than what was disclosed to investors. The lawsuit alleges that after market researcher Scorpion Capital released a report alleging Ginkgo to be a "colossal scam," Ginkgo's stock price fell $1.39 per share on October 6, 2021.
Interested Ginkgo investors have until January 18, 2022 to retain counsel and apply to be a lead plaintiff if they are interested to do so. A lead plaintiff acts on behalf of all other investor class members in managing the class action. Investors do not need to be a lead plaintiff in order to be a class member. If investors choose to take no action, they can remain an absent class member. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney. Thornton Law Firm is not currently representing a plaintiff who filed a complaint but is investigating the case on behalf of investors interested in being a lead plaintiff.
FOR MORE INFORMATION: www.tenlaw.com/cases/Ginkgo
Thornton Law Firm's securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
CONTACT:
Thornton Law Firm LLP
1 Lincoln Street
State Street Financial Center
Boston, MA 02111
www.tenlaw.com/cases/Ginkgo
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104443
