Zymergen investors mainly make claims against venture funds

A federal court ruled that units of SoftBank Group Corp. and two other venture capital funds must face allegations by Zymergen Inc. investors that they were responsible for misleading stock market filings before the biologics company collapsed.

The investors had sufficiently alleged that SoftBank's SB Investment Advisers (US) Inc., DCVC Management Co. and True Venture Management LLC – and their funds that had invested in Zymergen – controlled the company in the run-up to the IPO, Judge P. Casey Pitts said on Wednesday in the U.S. District Court for the Northern District of California.

Zymergen's registration statement purported to represent a $1.2 trillion opportunity across 20 industries, but it was revealed…