Berkeley Lights Inc. Company News: Berger Montague Investigating Securities Fraud Allegations Against Berkeley Lights Inc. (BLI); The deadline for the main applicant is February 7, 2022 | 2022-01-24 | Press Releases
Philadelphia, Pa.–(Newsfile Corp. – Jan. 24, 2022) – Berger Montague is investigating allegations of securities fraud on behalf of investors who purchased the securities of Berkeley Lights Inc. (“Berkeley Lights” or the “Corporation “) (NASDAQ: BLI) between From July 17, 2020 to September 14, 2021 (the “Class Period”).
If you purchased Berkeley Lights securities during the Class Period, wish to discuss Berger Montague’s investigation, or have any questions regarding 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 nonpublic information about Berkeley Lights is encouraged to confidentially participate in Berger Montague’s investigation or take advantage of the SEC’s 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 lawsuit, cell biologist Berkeley Lights falsely described the accuracy of his lab instrument, the Beacon, which the defendants touted as “a better and more advanced way to process and analyze cells.” .
The lawsuit alleges that the defendants failed to disclose that the Beacon suffered from numerous design and manufacturing flaws, including high error rates and data integrity issues, and that the company had received numerous complaints from customers regarding the durability and efficiency of the company’s automation systems, and that the actual market for Berkeley Lights’ products was only a fraction of the $23 billion represented to investors.
On September 15, 2021, Scorpion Capital released a highly incriminating report in which Scorpion, based on statements from customers and company employees, said the Beacon is a flop, with astronomical error rates, machine failures, and that major product claims and capabilities are false. On that news, shares of Berkeley Lights were down $9.23 per share, or 30%, over two trading days to close at $23.53 on Sept. 16.
Shepherd 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 more than five decades and acts as lead counsel before the courts. across the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell’Angelo, executive shareholder
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