Materiality pending
Public signal · 1-minute delayed
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AI summary
What happened, with direct paths to the underlying reporting
Scorpion Capital labeled Ginkgo a 'colossal scam' over failed projects. Ginkgo's stock fell 12% after the report and has since lost 97% value. A shareholder lawsuit cited violations of federal security laws by Ginkgo. Ginkgo agreed to pay $17.75 million to settle the lawsuit. Revenue decline persists, impacted by diminished growth from COVID-19 testing.
- Scorpion Capital labeled Ginkgo a 'colossal scam' over failed projects.
- Ginkgo's stock fell 12% after the report and has since lost 97% value.
- A shareholder lawsuit cited violations of federal security laws by Ginkgo.
- Ginkgo agreed to pay $17.75 million to settle the lawsuit.
- Revenue decline persists, impacted by diminished growth from COVID-19 testing.
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