Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating Berkeley Lights, Inc. (“Berkeley Lights” or the “Company”) (NASDAQ: BLI) on behalf of investors concerning possible violations of federal securities laws.
The investigation focuses on the cell biology Company’s statements concerning the Beacon, its only product and a $2 million lab instrument that the Company touts is “a better, more advanced way to process and analyze cells.”
On September 15, 2021, Berkeley Lights’ claims concerning the Beacon were brought into question after analyst Scorpion Capital published a report entitled, “Fleecing Customers And IPO Bagholders With A $2 Million Black Box That’s A Clunker.”
In the report, Scorpion Capital cited interviews with key customers and employees of Berkeley Lights which revealed that the Beacon is failing with very high error rates, machine break downs, and other problems. Scorpion Capital reported customers who allege they were “tricked” into buying a $2 million lemon and 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, the price of Berkeley Lights stock fell 18.7% on September 15, closing at $26.62, down from its previous close price of $32.76. And, as of this writing on September 16, 2021, the price is down another 22%.
What You Can Do
If you purchased or otherwise own Berkeley Lights securities, and you wish to discuss this investigation, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
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