The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Berkeley Lights, Inc. (NASDAQ: BLI) who purchased shares between July 17, 2020 and September 14, 2021. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
(a) Berkeley Lights’ flagship instrument, the Beacon, suffered from numerous design and manufacturing defects including breakdowns, high error rates, data integrity issues and other problems, limiting the ability of biotechnology companies and research institutions to consistently use the machines at scale; (b) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of the Company’s automation systems; (c) the actual market for Berkeley Lights’ products and services was a fraction of the $23 billion represented to investors because of, inter alia, the relatively high cost of the Company’s instruments and consumables and inability to provide the sustained performance necessary to justify these high costs; and (d) as a result of (a)-(c), above, defendants’ statements to investors during the Class Period regarding Berkeley Lights’ business, operations and financial results were materially false and misleading.
Shareholders have until February 7, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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