BLI INVESTOR DEADLINE: Hagens Berman, national trial
SAN FRANCISCO, Jan. 08, 2022 (GLOBE NEWSWIRE) – Hagens Berman urges Berkeley Lights, Inc. (NASDAQ: BLI) investors with large losses submit your losses now.
Class period: July 17, 2020 – September 14, 2021
Lead Applicant Deadline: February 7, 2022
Contact a lawyer now: [email protected] | 844-916-0895
Berkeley Lights, Inc. (BLI) Securities Class Action:
Litigation centers on the accuracy of cell biologist Berkeley Lights’ claims regarding its only product, the Beacon: a $ 2 million lab instrument that the company touts as “a better and more advanced way to treat and analyze the cells â.
The complaint alleges that the defendants made false and misleading statements or did not disclose: (1) the beacon suffered from numerous design and manufacturing defects, including failures, high error rates and problems with data integrity; (2) Berkeley Lights had received numerous customer complaints regarding the durability and efficiency of the company’s automation systems; and (3) Berkeley Lights’ actual product market was only a fraction of the $ 23 billion represented to investors due to the relatively high cost of its instruments and consumables and its inability to deliver the sustained performance needed to justify high costs.
The complaint alleges that the truth came to light on September 15, 2021, when the analyst Capital of Scorpio released a scathing report titled “Fleecing Customers And IPO Bagholders With A $ 2 Million Black Box That’s A Clunker”. Scorpion said its discussions with key Berkeley Lights customers and employees have revealed the Beacon to be a flop, citing astronomical error rates, machine failures and key product claims and capabilities to be bogus. In short, Scorpio reported finding a trail of customers who allege they were “tricked” into buying a $ 2 million lemon and “[t]Reality is so far removed from BLI’s awe-inspiring hype that we believe its product claims and practices may constitute outright fraud.
“We are focusing on investor losses and proving that Berkeley Lights lied about the commercial viability of the Beacon,” said Reed Kathrein, the Hagens Berman partner who is leading the investigation.
If you have invested in Berkeley Lights or have knowledge that can assist the company’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Those with non-public information regarding Berkeley Lights should consider their options to assist with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30% of any successful recoveries made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or send an email to [email protected]
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities across the country and more than eighty lawyers. The firm represents investors, whistleblowers, workers and consumers in complex litigation. To learn more about the company and its successes, visit hbsslaw.com. For the latest news, visit our writing or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895