Oct 6, 2021 | Filed Securities Cases
Investors Of Ginkgo Bioworks Who Have Suffered Losses Greater Than $100,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether Ginkgo Bioworks (“Ginkgo” or the “Company”) (NYSE: DNA) violated federal securities laws.
Ginkgo investors should be aware that Scorpion Capital issued a report on October 6, 2021 which, among other things, stated that “Ginkgo Bioworks is a colossal scam, a Frankenstein mash-up of the worst frauds of the last 20 years. At $23B market cap, it is rare to see a related-party scheme on Ginkgo’s scale in the US markets – it is, quite simply, the US version of the ‘China Hustle.’”
Scorpion Capital reported that it “. . . conducted an intensive investigation into Ginkgo’s business model and practices, with a particular focus on the related-party entities that drive the bulk of its revenue. [Scorpion Capital] completed 21 research interviews, encompassing a broad sample of former employees and executives of Ginkgo, as well as individuals who are currently employed at its related party ‘customers.’ [Scorpion Capital’s] research leads [Scorpion Capital] to conclude that Ginkgo is a house of cards – in [Scorpion Capital’s] opinion, one of the most brazen frauds of the last 20 years.”
The Scorpion Capital report further stated that “Ginkgo’s business model is based on a dubious shell game. The majority of its foundry revenue, an absurd 72% in 2020, and essentially 100% of its deferred revenue are derived from related-party ‘customers’ it created, funded, controls, or influences via its ownership position and board seats. Investments into these entities by Ginkgo and its largest investors are recycled back to Ginkgo and recorded as deferred or current revenue. The scheme reflects its woeful, decade-long failure to derive real revenue from third-party customers, forcing it to cover it up with a ploy that [Scorpion Capital] believe[s] to be enabled by its largest holders.”
On this news, shares of Ginkgo were down almost 17% during intraday trading on October 6, 2021, thereby injuring Ginkgo investors.
GINKGO BIOWORKS INVESTORS WITH LOSSES GREATER THAN $100,000 WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD CONTACT KEVIN CAULEY, DIRECTOR, CLIENT RELATIONS, (215) 792-6676, EXT. 802, [email protected], [email protected], OR COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE.
Oct 5, 2021 | Filed Securities Cases
Kehoe Law Firm, P.C. is investigating whether Camber Energy, Inc. (“Camber” or the “Company”) (NYSE American: CEI) violated federal securities laws.
Camber investors should be aware that on October 5, 2021, Kerrisdale Capital issued a report which stated, among other things, that “Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. Its only real asset is a 73% stake in Viking Energy, an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans. (For a time, it also had a fake CFO – long story.)”
On this news, shares of Camber dropped almost 51% to close at $1.53 per share. Post-market on October 5, 2021, Camber’s share price dropped another 17.65% to $1.26 per share, thereby further injuring Camber investors.
CAMBER ENERGY INVESTORS WITH LOSSES GREATER THAN $25,000 WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected].
Oct 5, 2021 | Filed Securities Cases
Kehoe Law Firm, P.C. is investigating whether Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT) violated federal securities laws.
During the morning of October 4, 2021, Owlet stock fell more than 30%, on the news that the Company notified investors that Owlet received an FDA warning letter concerning the improper marketing of its Smart Sock medical device product.
The Company stated in an SEC filing that “[o]n October 1, 2021, Owlet . . . received a Warning Letter, dated October 1, 2021 (the ‘Warning Letter’), from the United States Food and Drug Administration (‘FDA’).”
According to Owlet:
The Warning Letter asserts that the Company’s marketing of its Owlet Smart Sock product (the ‘Smart Sock’) in the United States renders the Smart Sock a medical device requiring premarket clearance or approval from FDA, and that the Company has not obtained such clearance or approval in violation of the Federal, Food, Drug, and Cosmetic Act. The Warning Letter requests that the Company take prompt action to address the alleged violations. Among other things, the Warning Letter requests the Company cease commercial distribution of the Smart Sock for uses in measuring blood oxygen saturation and pulse rate where such metrics are intended to identify or diagnose desaturation and bradycardia using an alarm functionality to notify users that measurements are outside of preset values. The Warning Letter also identifies certain marketing claims that FDA believes render the Smart Sock a medical device.
OWLET INVESTORS WITH SIGNIFICANT FINANCIAL LOSSES WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected].
Sep 29, 2021 | Filed Securities Cases
Securities Class Action Investigation On Behalf Of Investors Of Hyzon Motors – HYZN Investors Who Have Suffered Financial Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential class action securities claims on behalf of investors of Hyzon Motors Inc. (“Hyzon” or the “Company”) (NASDAQ: HYZN) to determine whether Hyzon engaged in securities fraud or other unlawful business practices.
Hyzon investors should be aware that Blue Orca Capital (“Blue Orca”) issued a report stating, among other things, that Blue Orca believes that “Hyzon’s supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told [Blue Orca] they are not really a customer.”
Blue Orca also reported that “Hyzon is just a repackaging of a flailing Chinese parent company which has been trying to sell the same hydrogen fuel cells without much success for 17 years. The parent entity was delisted from the Chinese OTC exchange in early 2021 at an enterprise value of sub $200 million. Hyzon is just a worse version of this same business in SPAC form, yet trades at 10x the valuation.”
Further, Blue Orca stated that “[n]otably for a zero revenue SPAC banking on the future value of its technology to save its business, two of Hyzon’s chief technology officers have resigned in the past 15 months. The Company is only 20 months old (emphasis in original). Ultimately, [Blue Orca] think[s] Hyzon’s parent has taken advantage of the general suspension of disbelief in financial markets to enrich insiders by repackaging an old technology in a fig leaf of misleading deal announcements and illusory customer contracts.”
On this news, Hyzon stock traded down significantly, thereby injuring Hyzon investors.
HYZON INVESTORS WHO HAVE SUFFERED FINANCIAL LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected], TO DISCUSS THE SECURITIES INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Sep 23, 2021 | Blog
Eargo Investors With Financial Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether Eargo, Inc. (“Eargo” or the “Company”) (NASDAQ: EAR) violated federal securities laws.
Post-market on September 22, 2021, Eargo disclosed that the Company “ . . . was informed that it is the target of a criminal investigation by the U.S. Department of Justice . . . related to insurance reimbursement claims the Company has submitted on behalf of its customers covered by federal employee health plans.” [Emphasis added.]
On this news, shares of Eargo were down over 70% during intraday trading on September 23, 2021, thereby injuring EAR investors.
EARGO INVESTORS WITH LOSSES GREATER THAN $50,000 WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS SHOULD CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected].
