Ginkgo Bioworks Securities Litigation Settles for $17.75M

If you bought or acquired shares in Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) or exchanged Soaring Eagle Acquisition Corp. shares between May 11, 2021, and October 5, 2021, you might be eligible to claim part of a $17,750,000 class action settlement.

Ginkgo Bioworks Holdings has agreed to pay $17,750,000 to settle a class action lawsuit for alleged violations of federal securities laws by allegedly making misrepresentations and/or omissions of material fact in the Proxy/Registration Statement.

Who can submit a claim?

To be eligible to submit a claim, you must be a Class Member. Class Members include:

• Individuals or entities who purchased or otherwise acquired shares in Ginkgo, including by way of exchange of SRNG shares, pursuant or traceable to the Proxy/Registration Statement filed with the SEC on Form S-4 on May 14, 2021, and amended on Forms S-4/A on June 28, 2021, July 16, 2021, August 4, 2021, and August 9, 2021, and incorporated into the final prospectus on Form 424(b)(3) filed on August 13, 2021.
• Individuals or entities who were solicited to approve the Ginkgo Bioworks, Inc.–SRNG merger and to retain rather than redeem SRNG shares pursuant to the Proxy/Registration Statement.
• Individuals or entities who purchased or otherwise acquired in a public offering or on public markets securities of Ginkgo (including its predecessor SRNG) between May 11, 2021, and October 5, 2021.

How much can class members get?

The Net Settlement Fund will be distributed to eligible claimants according to the Plan of Allocation.

Lead Plaintiff estimates there were approximately 172,500,000 shares of Ginkgo common stock traded during the Class Period that may have been impacted. If all affected Ginkgo shares elect to participate in the Settlement, the average recovery per share could be approximately $0.10, before deduction of any fees, expenses, costs, and awards.

• Recognized Loss Calculation: The Recognized Loss per share is calculated based on specific criteria, including:
• the date of purchase and sale
• the price at which the shares were bought and sold.

For example, if a share was purchased during the Class Period and sold before October 6, 2021, the Recognized Loss is $0.00. If sold between October 6, 2021, and January 3, 2022, the Recognized Loss per share is the lesser of the purchase price minus the “90-Day Lookback Value” on the date of sale or the difference between the purchase price and the greater of the sales price or the closing price on May 25, 2022, multiplied by 20%.

Is proof required to submit a claim?

Yes, claimants need to provide proof to claim an award.

Claimants must submit genuine and sufficient documentation for all transactions in and holdings of Ginkgo/SRNG common stock. Documentation may include:

• Copies of brokerage confirmation slips or monthly brokerage account statements.
• An authorized statement from your broker containing the transactional and holding information found in a broker confirmation slip or account statement.

How to file a claim

To claim an award, you can submit your claim online or by mail. To file a claim online, visit the online claim form. If you prefer to submit by mail, send your completed Proof of Claim and supporting documentation to:

Ginkgo Securities Litigation

c/o Strategic Claims Services

P.O. Box 230

600 N. Jackson Street, Suite 205

Media, PA 19063

Ensure your claim is postmarked or received online no later than November 21, 2024.

Claim instructions

Follow these steps to submit a claim:

• Read the Notice of Pendency and Proposed Settlement of Class Action, including the Plan of Allocation.
• Complete the Proof of Claim form with all requested information.
• Attach genuine and sufficient documentation for all transactions and holdings of Ginkgo/SRNG common stock.
• Submit the completed Proof of Claim form and documentation online or by mail.

$17,750,000 Settlement Fund

The settlement fund of $17,750,000 will cover:

• Payments to eligible Authorized Claimants.
• Attorneys’ fees not to exceed 25% of the Settlement Amount.
• Reimbursement of litigation expenses not to exceed $325,000.
• An award for the time and expenses incurred by the Lead Plaintiff, not to exceed $5,000.

Important dates

• Deadline to File a Claim: November 21, 2024
• Final Approval Hearing: December 5, 2024

When is the Ginkgo Bioworks Settlement payout date?

The awards will be paid if the Court approves the Settlement on December 5, 2024, and any appeals are resolved.

What happens next?

Next, the Court will hold a Final Approval Hearing on December 5, 2024, to decide whether to approve the Settlement. If approved, payments will be made to eligible Authorized Claimants after any appeals are resolved and claims processing is completed.