GlobeNewswire Inc | Jan 31, 2022 01:30PM EST

January 31, 2022

SAN FRANCISCO, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Berkeley Lights, Inc. (NASDAQ: BLI) investors with significant losses to submit your losses now.

Class Period: July 17, 2020 Sept. 14, 2021Lead Plaintiff Deadline: Feb. 7, 2022Visit:www.hbsslaw.com/investor-fraud/BLIContact An Attorney Now:BLI@hbsslaw.com844-916-0895

Berkeley Lights, Inc. (BLI) Securities Class Action:

The litigation focuses on the accuracy of cell biology specialist Berkeley Lights statements concerning its only product, the Beacon: a $2 million lab instrument that the Company touts is a better, more advanced way to process and analyze cells.

The complaint alleges Defendants made false and misleading statements or failed to disclose: (1) the Beacon suffered from numerous design and manufacturing defects including breakdowns, high error rates, and data integrity issues; (2) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of the companys automation systems; and, (3) the actual market for Berkeley Lights products was just a fraction of the $23 billion represented to investors because of the relatively high cost of its instruments and consumables and inability to provide sustained performance necessary to justify the high costs.

The complaint alleges that the truth emerged on Sep. 15, 2021, when analyst Scorpion Capital published a scathing report entitled, Fleecing Customers And IPO Bagholders With A $2 Million Black Box That's A Clunker. Scorpion said that its discussions with Berkeley Lights key customers and employees revealed that the Beacon is a flop, citing astronomical error rates, machine break downs, and that key product claims and capabilities are false.In short, Scorpion reported it found a trail of customers who allege they were tricked into buying a $2 million lemon and [t]he reality is so far from BLIs grandiose hype that we believe its product claims and practices may constitute outright fraud.

Were focused on investors losses and proving Berkeley Lights lied the commercial viability of the Beacon, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Berkeley Lights, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Berkeley Lights should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BLI@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895