HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts Berkeley Lights (BLI) Investors to Filing of Securities Fraud Class Action, Encourages Investors with Losses to Contact Firm's Attorneys
San Francisco, California--(Newsfile Corp. - December 23, 2021) - Hagens Berman urges Berkeley Lights, Inc. (NASDAQ: BLI) investors with significant losses to submit your losses now.
Berkeley Lights, Inc. (BLI) Securities Class Action:
The litigation focuses on the accuracy of cell biology specialist Berkeley Lights' statements concerning its only product, the Beacon: a $2 million lab instrument that the Company touts is "a better, more advanced way to process and analyze cells."
The complaint alleges Defendants made false and misleading statements or failed to disclose: (1) the Beacon suffered from numerous design and manufacturing defects including breakdowns, high error rates, and data integrity issues; (2) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of the company's automation systems; and, (3) the actual market for Berkeley Lights' products was just a fraction of the $23 billion represented to investors because of the relatively high cost of its instruments and consumables and inability to provide sustained performance necessary to justify the high costs.
The complaint alleges that the truth emerged on Sep. 15, 2021, when analyst Scorpion Capital published a scathing report entitled, "Fleecing Customers And IPO Bagholders With A $2 Million Black Box That's A Clunker." Scorpion said that its discussions with Berkeley Lights' key customers and employees revealed that the Beacon is a flop, citing astronomical error rates, machine break downs, and that key product claims and capabilities are false. In short, Scorpion reported it found a trail of customers who allege they were "tricked" into buying a $2 million lemon and "[t]he reality is so far from BLI's grandiose hype that we believe its product claims and practices may constitute outright fraud."
"We're focused on investors' losses and proving Berkeley Lights lied the commercial viability of the Beacon," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Berkeley Lights, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Berkeley Lights should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BLI@hbsslaw.com.
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