Morrison & Foerster partners Jordan Eth and David J. Wiener have entered appearances for Gingko Bioworks, a biotech company that went public via SPAC merger with Soaring Eagle Acquisition Corp., and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 20 in California Northern District Court by Wolf Haldenstein Adler Freeman & Herz; Rigrodsky Law; and the Grabar Law Office on behalf of Eric Bowers, accuses Soaring Eagle and members of its board of directors of filing a false and misleading proxy statement touting Gingko's foundry revenue. According to the suit, the defendants failed to disclose that the overwhelming majority of Gingko’s revenues were derived from circular transactions with entities that were funded or controlled by Gingko. The case, assigned to U.S. Magistrate Judge Kandis A. Westmore, is 4:23-cv-05396, Bowers et al v. Kelly et al.
Biotech & Pharmaceuticals
December 18, 2023, 11:00 AM