NEW YORK, Sept. 02, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC is notifying investors that a class action lawsuit has been filed against LifeStance Health Group, Inc. (“LifeStance Health” or the “Company”) LFST and certain of its officers on behalf of a class consisting of all persons and entities that have purchased or otherwise acquired LifeStance Health common stock issued in connection with LifeStance Health’s initial public offering on June 10, 2021 (the “IPO”) became. Such investors are encouraged to join this case by visiting the company’s website: www.bgandg.com/lfst1.
This class action seeks damages against the 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 customers made with LifeStance Health decreased as the COVID-19 lockdowns were lifted, causing the LifeStance Health outpatients flattened/virtual revenue growth; (2) that the percentage of in-person visits customers made with LifeStance Health increased when COVID-19 lockdowns were lifted, thereby significantly increasing LifeStance Health’s operating costs; (3) that LifeStance Health had lost a large number of physicians to burnout and, as a result, its physician retention rate had fallen well below the 87% highlighted in the IPO’s registration statement, and LifeStance Health had incurred additional costs to onboard new physicians who were less productive as the outgoing doctors who replaced them; and (4) as a result, LifeStance Health’s business and financial prospects were not as strong as the IPO registration statement indicated.
A class action lawsuit has already been filed. If you would like to see a copy of the complaint, you can visit the firm’s website: www.bgandg.com/lfst1 or…
