Robbins Geller Rudman & Dowd LLP filed a class action lawsuit today seeking to represent purchasers of Berkeley Lights, Inc. (NASDAQ: BLI) common stock between July 17, 2020 and September 14, 2021, inclusive (the âClass Periodâ) and charging Berkeley Lights and certain of its top executives with violations of the Securities Exchange Act of 1934. The Berkeley Lights class action lawsuit was commenced on December 8, 2021 in the Northern District of California and is captioned Ng v. Berkeley Lights, Inc., No. 21-cv-09497.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
If you wish to serve as lead plaintiff of the Berkeley Lights class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Berkeley Lights class action lawsuit must be filed with the court no later than February 7, 2022.
CASE ALLEGATIONS: The Berkeley Lights class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Berkeley Lightsâ 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 Lightsâ automation systems, including complaints related to the design and manufacturing; (iii) the actual market for Berkeley Lightsâ products and services was a fraction of the $23 billion represented to investors because of, among other things, the relatively high cost of Berkeley Lightsâ instruments and consumables and inability to provide the sustained performance necessary to justify these high costs; and (iv) as a result, defendantsâ statements to investors during the Class Period regarding Berkeley Lightsâ business, operations and financial results were materially false and misleading.
On September 15, 2021, research analyst firm Scorpion Capital issued a scathing investigative report, titled âFleecing Customers And IPO Bagholders With A $2 Million Black Box Thatâs A Clunker, While Insiders and Silicon Valley Bigwigs Race To Dump Stock. Just Another VC Pump at 27X Sales. Target Price: $0,â which criticized Berkeley Lightsâ technology and questioned the durability of Berkeley Lightsâ most important business relationships and its business growth plan. Although Scorpion Capital stated it was short Berkeley Lights, the information contained in the Scorpion Capital 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 Lightsâ largest customers. Among other findings, the report detailed a âtrail of customers who allege they were âtricked,â misled, or over-promised into buying a $2 million lemonâ and concluded that the âreality is so far from BLIâs grandiose hype that we believe its product claims and practices may constitute outright fraud.â On this news, the price of Berkeley Lights common stock fell by nearly 30% over two trading days, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Berkeley Lights common stock during the Class Period to seek appointment as lead plaintiff in the Berkeley Lights class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Berkeley Lights class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Berkeley Lights class action lawsuit. An investorâs ability to share in any potential future recovery of the Berkeley Lights class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever â $7.2 billion â in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffsâ firm. Please visit http://www.rgrdlaw.com for more information.
Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
https://www.linkedin.com/company/rgrdlaw
https://twitter.com/rgrdlaw
https://www.facebook.com/rgrdlaw
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208006141/en/
Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com