NEW YORK, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that securities class action lawsuits have been filed on behalf of investors in securities of Berkeley Lights, Inc., Cloopen Group Holding Limited, and Paysafe Limited. Investors have until the deadlines below to apply to the Court to be appointed as lead plaintiff in the lawsuits. Additional information about each case can be found at the links provided below.
Berkeley Lights, Inc. (“Berkeley Lights” or the “Company”) (NASDAQ: BLI)
Class Period: July 17, 2020 to September 14, 2021
Pending Court: U.S. District Court for the Northern District of California
Lead Plaintiff Deadline: February 7, 2022
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) Berkeley Lights had received numerous customer complaints regarding the durability and effectiveness of Berkeley Lights’ automation systems, including complaints related to the design and manufacturing; (iii) the actual market for Berkeley Lights’ products and services was a fraction of the $23 billion represented to investors because of, among other things, the relatively high cost of Berkeley Lights’ instruments and consumables and inability to provide the sustained performance necessary to justify these high costs; and (iv) as a result, Defendants’ statements to investors during the Class Period regarding Berkeley Lights’ business, operations and financial results were materially false and misleading.
For additional information on the Berkeley Lights lawsuit please visit this website.
Cloopen Group Holding Limited (“Cloopen” or the “Company”) (NYSE: RAAS)
Class Period: February 6, 2021 to May 10, 2021
Pending Court: U.S. District Court for the Southern District of New York
Lead Plaintiff Deadline: February 8, 2022
The lawsuit alleges throughout the Class Period, the Registration Statement failed to disclose Cloopen’s growth strategy was allegedly not working, and its existing customers were abandoning the Company. It further alleges that the Registration Statement failed to disclose that an increasing number of Cloopen’s customers were refusing to pay, forcing the Company to record massive increases in its accounts receivables and allowance for doubtful accounts, and that the Registration Statement also allegedly failed to disclose that Cloopen was weighed down by huge liabilities related to the fair value of certain recently-granted warrants.
For additional information on the Cloopen lawsuit please visit this website.
Paysafe Limited (“Paysafe” or the “Company”) (NYSE: PSFE)
Class Period: December 7, 2020 to November 10, 2021
Pending Court: U.S. District Court for the Southern District of New York
Lead Plaintiff Deadline: February 8, 2022
The lawsuit alleges throughout the Class Period, Defendants failed to disclose to investors that: (1) Paysafe was being negatively impacted by gambling regulations in key European markets; (2) Paysafe was encountering performance challenges in its Digital Wallet segment; and (3) new eCommerce customer agreements were being pushed back.
For additional information on the Paysafe lawsuit please visit this website.
About Kirby McInerney LLP:
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
(212) 371-6600
investigations@kmllp.com
www.kmllp.com
