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Lawsuit filed for Investors in shares of Berkeley Lights, Inc. (NASDAQ: BLI)

12-14-2021 07:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Berkeley Lights, Inc. (NASDAQ: BLI) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Berkeley Lights, Inc. (NASDAQ: BLI) shares over alleged securities laws violations.

An investor, who purchased shares of Berkeley Lights, Inc. (NASDAQ: BLI), filed a lawsuit over alleged Securities Laws violations by Berkeley Lights, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Berkeley Lights, Inc. (NASDAQ: BLI) have certain options and for certain investors are short and strict deadlines running. Deadline: February 7, 2022. NASDAQ: BLI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

EmeryVille, CA based Berkeley Lights, Inc., a digital cell biology company, focuses on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products.

On September 15, 2021, a short-seller report was published on Berkeley Lights, Inc.. The report alleged, among other things, that "a trail of customers who allege they were ‘tricked,’ misled, or over-promised into buying a $2 million lemon. The reality is so far from BLI’s grandiose hype that we believe its product claims and practices may constitute outright fraud.” Additionally stating, “We conducted 24 research interviews, including 7 former employees and executives of BLI, as well as 17 scientists and users across 14 of BLI’s largest customers. We believe the customers we spoke with comprise >30-50% of BLI’s entire installed base of 92 cell screening systems. We believe our research may represent the most in-depth due diligence to date on BLI, leading us to conclude it is just another vaporous venture capital IPO promotion with zero underlying value.”

Shares of Berkeley Lights, Inc. (NASDAQ: BLI) shares declined from $37.86 per share on September 3, 2021, to $19.21 per shares on September 16, 2021.

The plaintiff claims that between July 17, 2020 and September 14, 2021, the defendants made false and misleading statements and failed to disclose that 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, that 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, that 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, and that as a result, defendants’ statements to investors during the Class Period regarding Berkeley Lights’ business, operations and financial results were materially false and misleading.

Those who purchased shares of Berkeley Lights, Inc. (NASDAQ: BLI) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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