NEW YORK, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of Berkeley Lights, Inc. (“Berkeley Lights” or the “Company”) (NASDAQ: BLI). If you are a shareholder of Berkeley Lights with more than $50,000 in losses, you should contact the Firm.
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.
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.
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."
Citing interviews with former employees and executives, the report stated that Berkeley Lights is "a chaotic, wayward company that never found a viable product, value proposition, or market - and corroborate the scathing feedback from customers."
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.
If you are a shareholder of Berkeley Lights, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at investigations@lowey.com.
Whistleblowers: Persons with non-public information regarding Berkeley Lights should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7256
Email: investigations@lowey.com
