NEW YORK, September 16, 2021--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Berkeley Lights, Inc. ("Berkeley Lights" or the "Company") (NASDAQ: BLI) on behalf of Berkeley Lights stockholders. Our investigation concerns whether Berkeley Lights has violated the federal securities laws and/or engaged in other unlawful business practices.
Click here to participate in the action.
In July 2020, Berkeley Lights closed its initial public offering ("IPO"), in which Berkeley Lights sold 9,315,000 shares of common stock (which included 1,215,000 shares that were sold pursuant to the full exercise of the IPO underwriters' option to purchase additional shares) at a price to the public of $22.00 per share.
On November 19, 2020, Berkeley Lights filed a prospectus offering 3 million shares of Berkeley Lights’s common stock by certain selling shareholder identified in the prospectus for $86.00 per share.
Before the market opened on September 15, 2021, Scorpion Capital published a negative report on Berkeley Lights entitled 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. The report provided numerous examples of Berkeley Lights customers complaining about Berkley Lights’ machine’s high error rates and downtime because of various reasons. Furthermore, the report highlighted comments from former Berkeley Lights employees that said the total addressable market promoted by the company is "ridiculous" and "they know better" and they didn't want to hear "more accurate numbers."
Scorpion Capital also said it believed Berkeley Lights had begun stuffing the channel to mask sales declines and issued misleading press releases. In addition, the report said early venture capital investors and Berkeley Lights insiders have been selling shares.
On September 15, 2021, the price of Berkley Lights common stock fell $6.14 per share, or 18.7%, to close at $26.62 per share.
If you purchased or otherwise acquired Berkeley Lights shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005941/en/