SAN FRANCISCO, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Berkeley Lights, Inc. (NASDAQ: BLI) investors with significant losses to submit your losses now.
Berkeley Lights, Inc. (BLI) Investigation:
The investigation focuses on the accuracy of cell biology specialist Berkeley Lights’ statements concerning its only product, the Beacon: a $2 million lab instrument that the Company touts is “a better, more advanced way to process and analyze cells.”
The Company’s representations concerning the Beacon’s advanced technical features and capabilities allowed the company to raise nearly $205 million through its July 2020 IPO and since maintain a $2.3 billion valuation.
But on Sep. 15, 2021, the Company’s claims concerning the Beacon were brought into question after analyst Scorpion Capital published a scathing report entitled, “Fleecing Customers And IPO Bagholders With A $2 Million Black Box That's A Clunker.” Scorpion said that its discussions with Berkeley Lights’ key customers and employees revealed that the Beacon is a flop, citing astronomical error rates, machine break downs, and that key product claims and capabilities are false. In short, Scorpion reported it found a trail of customers who allege they were “tricked” into buying a $2 million lemon and “[t]he reality is so far from BLI’s grandiose hype that we believe its product claims and practices may constitute outright fraud.”
These events sent the price of Berkeley Lights shares sharply lower.
“We’re focused on investors’ losses and whether Berkeley Lights misrepresented the commercial viability of the Beacon,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Berkeley Lights, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
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. For more information, call Reed Kathrein at 844-916-0895 or email BLI@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895