Biotech company Ginkgo Bioworks, which went public via SPAC merger with Soaring Eagle, and members of its board of directors were hit with a shareholder derivative lawsuit on Friday in California Northern District Court. The suit, filed by Bottini & Bottini on behalf of Weining Hu, accuses the defendants of overvaluing the acquisition of Ginkgo and failing to disclose that the interests of the approving board members conflicted with shareholders’ interests. Counsel have not yet appeared for the defendants. The case is 4:23-cv-02077, Hu v. Baker et al.
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