Berkeley Lights Inc. Stock: Berger Montague Investigates Securities Fraud Allegations Against Berkeley Lights Inc. (NASDAQ: BLI); Lead Plaintiff Deadline is February 7, 2022
PHILADELPHIA, January 13, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Berkeley Lights Inc. (“Berkeley Lights” or the “Company”) (NASDAQ: BLI) between July 17, 2020 through September 14, 2021 (the “Class Period”).
If you purchased Berkeley Lights securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://bergermontague.com/cases/berger-montague-investigates-securities-fraud-against-berkeley-lights/.
Whistleblowers: Anyone with non-public information regarding Berkeley Lights is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed complaint, cell biology specialist Berkeley Lights falsely portrayed the accuracy of its lab instrument, the Beacon, which defendants touted as “a better, more advanced way to process and analyze cells.”
The lawsuit alleges that defendants failed to disclose that the Beacon suffered from numerous design and manufacturing defects, including high error rates and data integrity issues, and that the Company had received numerous customer complaints regarding the durability and effectiveness of the Company’s automation systems, and that the actual market for Berkeley Lights’ products was just a fraction of the $23 billion represented to investors.
On September 15, 2021, Scorpion Capital published a highly incriminating report in which Scorpion, relying on statements by the Company’s customers and employees, stated that the Beacon is a flop, with astronomical error rates, machine break downs, and that key product claims and capabilities are false. On this news, Berkeley Lights shares declined $9.23 per share, or 30%, over two trading days to a close of $23.53 on September 16.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.