ZY - ZY Alert: Monsey Firm of Wohl & Fruchter LLP Investigating Sale of Zymergen to Ginkgo Bioworks
MONSEY, New York, July 25, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Zymergen, Inc. (ticker: ZY) (“Zymergen”) acted in the best interests of Zymergen shareholders in approving the sale of Zymergen to Ginkgo Bioworks Holdings, Inc. (“Ginkgo”) in a stock deal that values Zymergen at just $300 million.
If you remain an Zymergen shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/zymergen/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com .
Why is there an investigation?
On July 25, 2022, Zymergen announced that it had agreed to be acquired by Ginkgo in an all-stock transaction that values Zymergen at an approximately $300 million. Under the terms of the agreement, Zymergen stockholders will receive a fixed exchange ratio of 0.9179 Ginkgo shares for each Zymergen share, representing 5.25% pro forma ownership of Ginkgo following the transaction. The agreement has been approved by the Zymergen board of directors (“Board”).
Our investigation concerns whether Zymergen’s Board acted in the best interests of Zymergen shareholders in approving the sale, including whether the acquisition price adequately compensates Zymergen shareholders, and whether all material information regarding the transaction has been fully disclosed.
Notably, in its latest Form 10-Q, Zymergen reported cash and equivalents of $337 million as of March 31, 2022. As such, Ginkgo is acquiring Zymergen at or less than cash value, and attributing zero value to Zymergen’s intellectual property.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com , to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com