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Newsfile 16-Mar-2023 1:06 PM
Philadelphia, Pennsylvania--(Newsfile Corp. - March 16, 2023) - A federal securities class action complaint against Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) F/K/A Soaring Eagle Acquisition Corp. (NASDAQ:SRNG) and certain of its officers has survived a motion to dismiss.
According to that complaint, Ginkgo made over a dozen false and misleading statements regarding its operations, including: (a) inaccurately describing circular, related party deals that manipulated reported revenue and deferred revenue; (b) inaccurately describing the value of services it performed under the related party deals; (c) misrepresenting certain related parties as independent; and (d) overstating the amount of non-party related revenue Ginkgo generated.
Current Ginkgo shareholders who hold the company via the Soaring Eagle SPAC, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/ginkgo-bioworks-shareholder-investigation/, contact us at firstname.lastname@example.org, or call 267-507-6085.
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Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158701