Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Snap, Novavax, Zillow, and Ginkgo Bioworks and Encourages Investors to Contact the Firm

NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Snap, Inc. (NYSE: SNAP), Novavax, Inc. (NASDAQ: NVAX), Zillow Group, Inc. (NASDAQ: ZG), and Ginkgo Bioworks Holdings, Inc. (NYSE: DNA). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Snap, Inc. (NYSE: SNAP)

Class Period: July 22, 2020 – October 21, 2021

Lead Plaintiff Deadline: January 10, 2022

The complaint alleges that throughout the Class Period, : (1) Apple’s privacy changes would have, and were having, a material impact on the Company’s advertising business; (2) Snap overstated its ability to transition its advertising with Apple's privacy changes; (3) Snap knew of, but downplayed, the risks of the impact that Apple’s privacy changes had on the Company's advertising business; (4) Snap overstated its commitment to privacy; and (5) as a result of the foregoing, Defendants’ public statements and statements to journalists were materially false and/or misleading at all relevant times.

For more information on the Snap class action go to:

Novavax, Inc. (NASDAQ: NVAX)

Class Period: March 2, 2021 – October 19, 2021

Lead Plaintiff Deadline: January 11, 2022

The complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Novavax overstated its manufacturing capabilities and downplayed manufacturing issues that would impact its approval timeline for NVX-CoV2373, a protein-based vaccine candidate engineered from the genetic sequence of the first strain of the SARS-CoV-2 coronavirus; (ii) as a result, Novavax was unlikely to meet its anticipated Emergency Use Authorization regulatory timelines for NVX-CoV2373; (iii) accordingly, the Company overstated the regulatory and commercial prospects for NVX-CoV2373; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

For more information on the Novavax class action go to:

Zillow Group, Inc. (NASDAQ: ZG)

Class Period: February 10, 2021 – November 2, 2021

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, despite operational improvements, the Company experienced significant unpredictability in forecasting home prices for its Zillow Offers business; (2) that such unpredictability, as well as labor and supply shortages, led to a backlog of inventory; (3) that, as a result of the foregoing, the Company was reasonably likely to wind-down its Zillow Offers business, which would have a material adverse impact on its financial results; 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 more information on the Zillow class action go to:

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA)

Class Period: May 11, 2021 – October 5, 2021

Lead Plaintiff Deadline: January 18, 2022

According to the complaint, Defendants made false and/or misleading statements and 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) 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; and (4) many of the Company's new R&D partners are undisclosed related parties and/or façades.

On October 6, 2021, market researcher Scorpion Capital released a 175-page report alleging that Ginkgo is a “colossal scam,” describing the Company as a “shell game” whose revenue is highly dependent on related party transactions. The report alleges that Gingko is a “Frankenstein mash-up of the worst frauds of the last 20 years” and “one of the most brazen frauds of the last 20 years.” On this news, Ginkgo’s shares fell $1.39 per share, or approximately 12%, to close at $10.59 per share on October 6, 2021, damaging investors.

On November 15, 2021, the Company acknowledged that shortly after the Scorpion Capital report, Ginkgo received an inquiry from the United States Department of Justice relating to the financial misconduct allegations in the report.

For more information on the Ginkgo Bioworks class action go to:

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648