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New York, New York--(Newsfile Corp. - September 21, 2021) - Pomerantz LLP is investigating claims on behalf of investors of Berkeley Lights, Inc. ("Berkeley Lights" or the "Company") (NASDAQ: BLI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Berkeley Lights and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around July 17, 2020, Berkeley Lights conducted its initial public offering ("IPO"), selling 8.1 million shares priced at $22.00 per share. Then, on September 15, 2021, the analyst Scorpion Capital ("Scorpion") published a report on Berkeley Lights entitled "Fleecing Customers And IPO Bagholders With A $2 Million Black Box That's A Clunker." The Scorpion report challenged the Company's representations regarding its only product, the Beacon, a $2 million laboratory instrument. Specifically, Scorpion alleged that discussions with Berkeley Lights' key customers and employees revealed that the Beacon is a flop, citing significant error rates, machine breakdowns, and that key product claims and capabilities are false. Scorpion reported that its investigations turned up multiple customers who claimed that they were "tricked" into buying a $2 million defective product and concluded that "[t]he reality is so far from BLI's grandiose hype that we believe its product claims and practices may constitute outright fraud."
On this news, Berkeley Lights' stock price fell $6.14 per share, or 18.7%, to close at $26.62 per share on September 15, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97189