NEW YORK, NY / ACCESSWIRE / October 8, 2021 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, is investigating potential violations of the federal securities laws by Ginkgo Bioworks Holdings, Inc. (NYSE:DNA).
On October 6, 2021, short seller Scorpion Capital released a report alleging that Ginkgo Bioworks Holdings is a “colossal scam.” The 175-page report alleges that Ginkgo Bioworks’ business model is a “shell game,” and that the company is highly dependent on related party transaction revenues. The report charges that the company is a “Frankenstein mash-up of the worst frauds of the last 20 years.”
Ginkgo Bioworks Holdings went public via a deSPAC transaction with blank check company Soaring Eagle Acquisition Corporation in September 2021.
Shares in Ginkgo Bioworks have fallen 20% after publication of the report.
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