Philadelphia, Pennsylvania–(Newsfile Corp. – February 11, 2023) – Kaskela Law LLC announces that it is investigating Berkeley Lights, Inc. (NASDAQ: BLI) on behalf of the company’s long-term investors.
Recently a securities fraud complaint was filed against Berkeley Lights on behalf of certain investors who purchased shares of the company’s stock between July 17, 2020 and January 5, 2022. The complaint alleges that, during that time period, Berkeley Lights and certain of the company’s executive officers made a series of false and misleading statements and omissions regarding the functionality and effectiveness of Berkeley Lights’s flagship product, the Beacon: a laboratory instrument used for screening cells sold to drug development and large pharmaceutical/biotech companies.
As further detailed in the complaint, on September 15, 2021, research analyst firm Scorpion Capital issued a scathing 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’s technology and questioned the sustainability of the Company’s most important business relationships and its business growth plan (the “Scorpion Capital Report”). The Scorpion Capital Report detailed a “trail of customers who allege they were ‘tricked,’ misled, or over-promised into buying a $2 million lemon” and concluded that the “reality is so far from BLI’s grandiose hype that we believe its product claims and practices may constitute outright fraud.” Following the Scorpion Capital Report, shares of Berkeley Lights’ common stock fell nearly 30% in value over two trading days, to close on September 16, 2021 at $23.53 per share.
The investigation seeks to determine whether the members of Berkeley Lights’ board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Berkeley Lights stockholders who purchased or acquired their BLI shares prior to January 1, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected] / [email protected]) or online at https://kaskelalaw.com/cases/berkeley-lights/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154512
Source: Newsfile Corp.
Release ID: 522652
