SAN DIEGO–(BUSINESS WIRE)–Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of all purchasers of Berkeley Lights (NASDAQ: BLI) common stock between July 17, 2020 and September 14, 2021. The complaint alleges violations of the Securities Exchange Act of 1934.
If you purchased Berkeley Lights, Inc. (BLI) common stock between July 17, 2020 and September 15, 2021, you have until February 7, 2022, to ask the court to appoint you lead plaintiff for the class.
If you suffered a loss due to Berkeley Lights’s misconduct, click here.
Berkeley Lights, Inc. (BLI) Misled Investors Regarding its Business Prospects
According to the complaint, Berkeley Lights conducted its initial public offering (IPO) in July 2020. Leading up to the IPO, Berkeley Lights claimed to be experiencing revenue growth with its direct platform sales. This trend purportedly continued after the IPO, as Berkeley Lights stated it continued to experience year-over-year increases in its direct platform sales revenue in its financial results for second and third quarter of 2020. During this time, the price of Berkeley Lights common stock quadrupled from the IPO price, reaching over $90 per share on November 12, 2020. In November 2020, the Company filed its prospectus for a secondary public offering (“SPO”), touting its product offerings as “the most advanced” and “not attainable with other approaches.” After the SPO, Berkeley Lights highlighted is increased revenue for the quarter and fiscal year ended December 31, 2020.
However, these statements were false. Berkeley Lights’ flagship instrument suffered from design and manufacturing defects, Berkeley had received numerous customer complaints regarding the durability and effectiveness of the Company’s automation systems, and the actual market for the Company’s products and services was a fraction of the $23 million it had represented to investors. On September 15, 2021, research analyst firm Scorpion Capital issued a report criticizing Berkeley Lights’ technology and questioned the durability of the Company’s most important business relationships and its business growth plan. On this news, the Company’s stock fell nearly 30% over two trading days, to close at $23.53 on September 16, 2021.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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