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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

BERKELEY LIGHTS, INC. (NASDAQ: BLI) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit regarding Berkeley Lights, Inc. (NASDAQ: BLI)

December 27, 2021 GMT

NEW YORK, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds Investors 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.

If you purchased or otherwise acquired Berkeley Lights common stock, and/or would like to discuss your legal rights and options, please visit Berkeley Lights, Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or  seidman@bernlieb.com.

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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.

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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.

If you purchased or otherwise acquired Berkeley Lights securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/berkeleylightsinc-bli-shareholder-lawsuit-class-action-fraud-stock-465/ or contact Joe Seidman toll free at (877) 779-1414 or  seidman@bernlieb.com.

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.

ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com