NEW ORLEANS, Aug. 16, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 11, 2022 to file lead plaintiff applications in a securities class action lawsuit against LifeStance Health Group, Inc. (NasdaqGS: LFST), if they purchased or acquired the Company’s Class A common stock pursuant and/or traceable to the Company’s June 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Southern District of New York.
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About the Lawsuit
LifeStance and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company’s out-patient/virtual revenue growth was negatively affected by a decrease in virtual visits after COVID-19 lockdowns were lifted; (ii) an increasing number of in-person visits post-lockdown resulted in substantial increases to operating expenses; (iii) its physician retenti on rate had fallen significantly below the 87% highlighted in the IPO’s registration statement leading to additional costs to bring on new physicians, who were less productive than the outgoing physicians they were replacing; and (iv) as a result, LifeStance Health’s business metrics and financial prospects were not as strong as the IPO’s registration statement represented.
The case is Nayani v. LifeStance Health Group, Inc., No. 22-cv-06833.
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