Sumary of Why Berkeley Lights Stock Is Plummeting Today:
- What happened Cell biology specialist Berkeley Lights (NASDAQ:BLI) was getting slammed by investors on Wednesday, following a scathing tweet from an institutional short-seller.
- So what A firm called Scorpion Capital, which describes itself as focused on “activist short selling” of businesses it considers dubious, thrashed Berkeley Lights in a tweet thread published Wednesday morning.
- In the thread, Scorpion Capital forcefully accused the company of “Fleecing Customers And IPO Bagholders With A $2 [million] Black Box That’s A Clunker.
- The short-seller is referring to Berkelely Lights’ Beacon, a device that the company describes as “a better, more advanced way to process and analyze cells.
- ” Scorpion said that its discussions with Berkeley Lights customers and employees indicate the Beacon has sold very poorly.
- ” Scorpion added that “all it takes is a casual glance at the financials to recognize that [Berkeley Lights] is a raging dumpster fire and.
- ” While Scorpion divulged that it is short in Berkeley Lights stock, it did not detail the size of its position.