Robbins Geller Rudman & Dowd LLP Brings Legal Action Against Berkeley Lights, Inc. and Announces Class Action Option for Investors with Substantial Losses
SAN DIEGO, CA / ACCESSWIRE / December 19, 2021 / Robbins Geller Rudman & Dowd LLP filed a class action lawsuit seeking to represent the buyers of common shares of Berkeley Lights, Inc. (NASDAQ: BLI) between July 17, 2020 and September 14, 2021 inclusive (the âClass Periodâ) and billing Berkeley Lights as well as some of its senior executives with violations of the Securities Exchange Act of 1934. Begun December 8, 2021 and pending before Judge Lucy H. Koh of the Northern District of California, on Berkeley Lights the class action is captioned Ng v. Berkeley Lights, Inc., n Â° 21-cv-09497.
The claimant is represented by Robbins Geller, who has extensive experience in the prosecution of collective investor actions, including actions involving financial fraud. You can view a copy of the complaint by clicking here.
If you wish to serve as the principal applicant of the Berkeley Lights class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchezfrom Robbins Geller by calling 800 / 449-4900 or emailing [email protected]. Principal applicant’s requests for Berkeley Lights The class action must be filed with the court no later than February 7, 2022.
CASE ALLEGATIONS: The Berkeley Lights The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Berkeley Lights’ flagship instrument, the Beacon, suffered from numerous defects in design and manufacturing, including failures, high error rates, integrity issues and other issues, limiting the ability of biotechnology companies and research institutes to consistently use machines on a large scale; (ii) Berkeley Lights had received numerous customer complaints regarding the durability and efficiency of Berkeley Lights automation systems, including design and manufacturing complaints; (iii) the actual market for Berkeley Lights products and services was only a fraction of the $ 23 billion that investors represented due, among other things, to the relatively high cost of Berkeley Lights instruments and consumables and its inability to provide the sustained performance necessary to justify these high costs; and (iv) accordingly, the defendants’ statements to investors during the Class Period regarding the business, operations and financial results of Berkeley Lights were materially false and misleading.
On September 15, 2021, research analyst firm Scorpion Capital released a scathing investigative report, titled “Fleecing Customers And IPO Bagholders With A $ 2 Million Black Box That’s A Clunker, While Insiders and Silicon Valley Bigwigs Race To Dump Stock . Just Another VC Pump at 27X sales. Price target: $ 0, “which criticized Berkeley Lights technology and questioned the sustainability of Berkeley Lights’ most important business relationships and its business growth plan. Although Scorpion Capital said it was Berkeley Lights court, the information in Scorpion Capital’s report was allegedly based on in-depth proprietary research and analysis, including 24 research interviews with former employees of Berkeley Lights, industry scientists and end users in Berkeley Lights 14. bigger customers. Among other findings, the report detailed a “trail of customers who claim to have been ‘cheated’, misled or over-promised into buying a $ 2 million lemon” and concluded that “the reality is so far away. BLI’s awe-inspiring hype that we believe its product claims and practices may constitute outright fraud. âOn hearing this news, Berkeley Lights’ common stock fell nearly 30% in two days market, harming investors.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased common stock of Berkeley Lights during the period covered by the action to seek appointment as principal plaintiff in the Berkeley Lights class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering Berkeley Lights class action lawsuit. The lead plaintiff can choose a law firm of their choice to litigate the case. Berkeley Lights class action lawsuit. The ability of an investor to participate in any potential future recovery of the Berkeley Lights the class action is not dependent on serving as the principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
THE SOURCE: Robbins Geller Rudman & Dowd LLP
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