| COMPANY |
Berkeley Lights, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
21.09497 |
| JUDGE |
The Hon. Haywood S Gilliam, Jr. |
| CLASS PERIOD |
July 17, 2020 and September 14, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
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 for a secondary offering.
The complaint alleges that in the registration statements and throughout the Class Period, the defendants failed to disclose the following adverse facts pertaining to Berkeley Lights’ business, operations and financial condition: (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 above, the defendants’ statements during the Class Period regarding Berkeley Lights’ business, operations and financial results were materially false and misleading.
Current Status of Case:
On February 20, 2024, The Court entered an Order granting the Motion to Dismiss. The court entered Judgment in favor of the Defendants and closing the case on March 20, 2024. This case has concluded.
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