Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Berkley Lights, Inc. (“Berkley Lights”) (NASDAQ: BLI) common stock between July 17, 2020 and September 14, 2021, inclusive (the “Class Period”).
The Class Period commences on July 17, 2020, when Berkeley Lights filed a prospectus on a Form 424B4, which incorporated and formed part of the registration statement for the initial public offering. The registration statement highlighted the purported superiority of the Berkeley Lights platform compared to existing cell analyzing instruments, stating, for example, that the platform provides “the most advanced environment for rapid functional characterization of single cells at scale.” The registration statement also highlighted Berkeley Lights’ purported operational and financial growth. On November 19, 2020, Berkeley Lights filed a prospectus on a Form 424B4, which incorporated and formed part of the registration statement (collectively, the “Registration Statement”) for a secondary offering.
The complaint alleges that, in the Registration Statement and throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of the company’s automation systems, including complaints related to the design and manufacturing; (3) 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 (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On February 20, 2024, the Court granted Defendants’ Motion to Dismiss. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.