NEW YORK, NY / ACCESSWIRE / September 28, 2022 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against LifeStance Health Group, Inc. ('LifeStance Health' or the 'Company') (NASDAQ:LFST) and certain of its officers, on behalf of a class consisting of all persons and entities that purchased or otherwise acquired LifeStance Health common stock issued in connection with LifeStance Health's June 10, 2021 initial public stock offering (the 'IPO').Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/lfst1.
This class action seeks to recover damages against Defendants for alleged violations of the Securities Act of 1933 (the 'Securities Act').
The Complaint alleges that the IPO's registration statement failed to disclose the following material facts: (1) that the number of virtual visits clients were undertaking utilizing LifeStance Health was decreasing as the COVID-19 lockdowns were being lifted, thereby flatlining LifeStance Health's out-patient/virtual revenue growth; (2) that the percentage of in-person visits clients were undertaking utilizing LifeStance Health was increasing as the COVID-19 lockdowns were being lifted, thereby causing LifeStance Health's operating expenses to increase substantially; (3) that LifeStance Health had lost a large number of physicians due to burn-out and, as a result, its physician retention rate had fallen significantly below the 87% highlighted in the IPO's registration statement and LifeStance Health had been expending additional costs to onboard new physicians who were less productive than the outgoing physicians they were replacing; and (4) as a result, LifeStance Health's business metrics and financial prospects were not as strong as the IPO's registration statement represented.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/lfst1 or contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in LifeStance Health you have until October 11, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | firstname.lastname@example.org
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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