NEW YORK, Dec. 10, 2021 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that securities class action lawsuits have been filed on behalf of investors in securities of Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp., StoneCo Ltd., and Zhangmen Education Inc. Investors have until the deadlines below to apply to the Court to be appointed as lead plaintiff in the lawsuits. Additional information about each case can be found at the links provided below.
Ginkgo Bioworks Holdings, Inc. f/k/a Soaring Eagle Acquisition Corp. (“Ginkgo” or the “Company”) (NYSE: DNA)
Class Period: May 11, 2021 to October 5, 2021
Pending Court: U.S. District Court for the Northern District of California
Lead Plaintiff Deadline: January 18, 2022
The lawsuit alleges throughout the Class Period, Defendants 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 facades; (5) as a result, the Company’s valuation was significantly less than Defendants disclosed to investors; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
For additional information on the Ginkgo lawsuit please visit this website.
StoneCo Ltd. (“StoneCo” or the “Company”) (NASDAQ: STNE)
Class Period: March 11, 2021 to November 16, 2021
Pending Court: U.S. District Court for the Southern District of New York
Lead Plaintiff Deadline: January 18, 2022
The lawsuit alleges throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that StoneCo was experiencing difficulties in implementing its credit product; (2) that StoneCo faced significant risks via its point-of-sale vendor, PAX Global Technology Ltd.; (3) that, as a result of the foregoing, the Company’s financial results would be adversely impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For additional information on the StoneCo lawsuits please visit this website.
Zhangmen Education Inc. (“Zhangmen Education” or the “Company”) (NYSE: ZME)
Class Period: June 5, 2021 to November 19, 2021
Pending Court: U.S. District Court for the Southern District of New York
Lead Plaintiff Deadline: January 18, 2022
The lawsuit alleges that the IPO Registration Statement failed to disclose that: (a) PRC authorities were in the process of implementing sweeping new regulatory reforms on the private education industry in China including, among others, prohibitions on: (i) profit-making by private education companies, (ii) engaging in core-curriculum tutoring on weekends and vacations, and (iii) capital-raising by companies like Zhangmen Education; (b) the known risks, events, and uncertainties noted in the Registration Statement were reasonably likely to have a material adverse effect on Zhangmen Education’s business; and (c) based on the foregoing, the statements in the Registration Statement concerning Zhangmen Education’s historical financial performance, market demand, and industry trends were materially incomplete, inaccurate, and misleading.
For additional information on the Zhangmen Education lawsuit please visit this website.
About Kirby McInerney LLP:
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
(212) 371-6600
investigations@kmllp.com
www.kmllp.com
