According to the Complaint, Ginkgo Bioworks Holdings, Inc. purportedly operates a horizontal platform for cell programming, designed to enable biological production of products as diverse as novel therapeutics, key food ingredients, and chemicals currently derived from petroleum.

On May 11, 2021, the Company announced in a press release that Gingko Bioworks, Inc. had entered into a definitive business combination with Soaring Eagle Acquisition Corp. that would result in Ginkgo Bioworks, Inc. becoming a publicly listed company via SPAC merger. Before the merger, the Company was known as Ginkgo Bioworks, Inc.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company’s failure to derive real revenue from third-party customers left it almost completely dependent on related parties; (2) as a result, most, if not all, of the Company’s revenue came from related parties the Company created, funded, or controlled through its ownership and board seats; (3) the Company was misclassifying and underreporting related party revenue in order to conceal the Company’s near total-dependence on related parties; (4) many of the Company’s new R&D partners are undisclosed related parties and/or façades; (5) as a result, the Company’s valuation was significant less than Defendants disclosed to investors; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On March 25, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 26. On May 27, Lead Plaintiff voluntarily dismissed one of the Individual Defendants. Lead Plaintiff filed a second amended Complaint on July 18. Defendants filed a Motion to Dismiss the second amended Complaint on July 21. On March 10, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On March 15, 2023, Lead Plaintiff filed a third amended Complaint.

On April 4, 2024, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on July 31. On December 13, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses. On December 16, the Court entered Final Judgment.