Robbins LLP Reminds Investors of Class Action Against Berkeley Lights, Inc. (BLI)
SAN DIEGO, December 21, 2021– (COMMERCIAL THREAD) – Law firm in shareholder law Robbins LLP reminds investors that a class action lawsuit 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 common stock of Berkeley Lights, Inc. (BLI) between July 17, 2020 and September 15, 2021, you have until February 7, 2022 to ask the court to name you as the principal plaintiff of the class.
If you suffered a loss as a result of Berkeley Lights’ misconduct, click here.
Berkeley Lights, Inc. (BLI) misled investors about its business outlook
According to the complaint, Berkeley Lights completed its initial public offering (IPO) in July 2020. Ahead of the IPO, Berkeley Lights claimed to experience revenue growth through direct sales on its platform. This trend allegedly continued after the IPO, as Berkeley Lights said it continued to record year-over-year increases in its direct platform sales revenue in its financial results. for the second and third quarters of 2020. Meanwhile, the common Berkeley Lights share price quadrupled from the IPO price, reaching over $ 90 per share on November 12, 2020. As of November 2020 , the Company filed its prospectus for a secondary public offering (“SPO”), touting its product offerings as “most advanced” and “not feasible with other approaches.” After the SPO, Berkeley Lights highlighted the revenue increase for the quarter and fiscal year ended December 31, 2020.
However, these statements were false. Berkeley Lights’ flagship instrument suffered from design and manufacturing flaws, 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. company was only a fraction of the $ 23 million it represented for investors. On September 15, 2021, research analyst firm Scorpion Capital released a report criticizing Berkeley Lights technology and questioning the sustainability of the company’s most important business relationships and its business growth plan. Following this news, the Company’s stock fell nearly 30% over two trading days, to close at $ 23.53 on September 16, 2021.
Any representation is on the basis of contingency fees. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recover their losses, improve corporate governance structures, and hold top executives. company responsible for their wrongdoing since 2002. To be notified of a class action lawsuit against Berkeley Lights, Inc. rule or to receive free alerts when company executives commit wrongdoing, subscribe to Stock watch today.
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