RADNOR, PA / ACCESSWIRE / December 11, 2021 / The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Berkeley Lights, Inc. (“Berkeley”) (NASDAQ: BLI)
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PRINCIPAL APPLICANT DEADLINE: February 7, 2022
CLASS PERIOD: July 17, 2020 to September 14, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or by email at email@example.com
BERKELEY ALLEGED FAULT
Berkeley Lights is a biotechnology company that owns and operates a proprietary cellular data analysis and processing platform for use in the development and commercialization of biotherapeutics and other cell-based products, with a focus on the antibody therapy, cell therapy and synthetic biology markets. The centerpiece of the Berkeley Lights platform is the company’s advanced automation system, the Beacon. The Beacon is a fully automated, high-throughput system designed to enable detailed, large-scale cell analysis. The Beacon is used by Berkeley Lights customers for tasks such as antibody discovery and cell line development.
The Class Period begins on July 17, 2020, when Berkeley Lights filed a prospectus on Form 424B4, which has incorporated and is part of the registration statement for the initial public offering. The registration statement highlighted the alleged superiority of the Berkeley Lights platform over existing cell analysis instruments, stating, for example, that the platform provides “the most advanced environment for rapid functional characterization. large-scale single cells “. The registration statement also highlighted the supposed operational and financial growth of Berkeley Lights. On November 19, 2020, Berkeley Lights filed a prospectus on Form 424B4, which incorporated and formed part of the registration statement for a secondary offering.
The truth about the Beacon came to light on September 15, 2021, when research analyst firm Scorpion Capital released an 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. Target Price: $ 0, “which criticized Berkeley Lights ‘technology and questioned the sustainability of Berkeley Lights’ most important business relationships and its business growth plan. The report concluded that only a relatively small number of companies in biotechnology could afford the relatively expensive machines produced by Berkeley Lights. In addition, the report found that negative customer experiences had further reduced Berkeley Lights’ growth potential. Following this news, the common share price of Berkeley Lights fell nearly 30% over two trading days to close at $ 23.53 on September 16, 2021.
The complaint alleges that in the registration statements and throughout the Class Period, the Defendants failed to disclose the following adverse facts regarding the business, operations and financial condition of Berkeley Lights: (1) The Instrument Berkeley Lights’ flagship, the Beacon, suffered from numerous design and manufacturing flaws, including failures, high error rates, data integrity issues and other issues, limiting the capacity of biotech companies and research institutes to systematically use large-scale machines; (2) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of the company’s automation systems, including design and manufacturing complaints; (3) The actual market for Berkeley Lights products and services was only a fraction of the $ 23 billion that investors represented due to, among other things, the relatively high cost of the company’s instruments and consumables and its inability to provide the sustained performance necessary to justify these high costs; and (4) as a result of the foregoing, the defendants’ statements during the Class Period regarding the business, operations and financial results of Berkeley Lights were materially false and misleading.
WHAT CAN I DO?
Berkeley investors can, no later than February 7, 2022, seek to be appointed as the lead representative of class applicants through Kessler Topaz Meltzer & Check, LLPor another lawyer, or may choose to do nothing and remain an absent member of the group Kessler Topaz Meltzer & Check, LLP encourages Berkeley investors who have suffered significant losses to contact the company directly for more information.
CLICK HERE TO SUBSCRIBE TO THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the most significant financial interest and who are also suitable and typical for the proposed investor category. The lead plaintiff chooses a lawyer to represent the lead plaintiff and the class and these lawyers, if approved by the court, are the lead or class advocates. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, fault and neglect on the part of businesses and trustees. In the end, we were successful if the bad guys pay and you get your holdings back. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
THE SOURCE: Kessler Topaz Meltzer & Check, LLP
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