BERKELEY LIGHTS, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Berkeley Lights, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Berkeley Lights, Inc. (NASDAQ: BLI) between July 17, 2020 and September 14, 2021. The lawsuit seeks to recover Berkeley Lights, Inc. shareholders’ investment losses.
If you purchased shares of Berkeley Lights, Inc. between July 17, 2020 and September 14, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York – Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Berkeley Lights, Inc. (“Berkeley Lights” or the “Company”) (NASDAQ: BLI) between July 17, 2020 and September 14, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934.
According to the complaint, Defendants made false and misleading statements and failed to disclose that: (i) Berkeley Lights’ flagship instrument, the Beacon, suffered from numerous design and manufacturing defects including breakdowns, high error rates, data integrity issues and other problems, limiting the ability of biotechnology companies and research institutions to consistently use the machines at scale; (ii) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of Berkeley Lights automation systems, including complaints related to the design and manufacturing; and (iii) the actual market for Berkeley Lights products and services was a fraction of the $23 billion represented to investors because of, among other things, the relatively high cost of Berkeley Lights instruments and consumables and inability to provide the sustained performance necessary to justify these high costs.
On September 15, 2021, research analyst firm Scorpion Capital issued a scathing investigative report, titled “Fleecing Customers and IPO Bagholders With A $2 Million Black Box That’s A Clunker, While Insiders and Silicon Valley Bigwigs Race To Dump Stock. Just Another VC Pump at 27X Sales. Target Price: $0”. This report criticized Berkeley Lights’ technology and questioned the durability of Berkeley Lights’ most important business relationships and its business growth plan. Although Scorpion Capital stated it was short Berkeley Lights, the information contained in its report was purportedly based on extensive proprietary research and analysis, including 24 research interviews with former Berkeley Lights employees, industry scientists, and end-users across 14 of Berkeley Lights’ largest customers. Among other findings, the report detailed a trail of customers who allege they were tricked, misled, or over-promised into buying a $2 million lemon.
On this news, the price of Berkeley Lights’ common stock fell by nearly 30% over two trading days, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than February 7, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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