- Oops!Something went wrong.Please try again later.
NEW YORK, November 11, 2021--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against LifeStance Health Group, Inc. ("LifeStance" or the "Company") (NASDAQ: LFST). The investigation concerns whether LifeStance has violated the federal securities laws and/or engaged in other unlawful business practices.
LifeStance is one of the nation’s largest providers of virtual and in-person outpatient mental health care for children, adolescents, and adults experiencing a variety of mental health conditions. The Company has promoted itself as being dedicated to improving the lives of patients by reimagining mental health through a disruptive, tech-enabled in-person and virtual care delivery model built to expand access and affordability, improve outcomes, and lower overall health care costs.
On August 11, 2021, LifeStance reported that the Company’s Q2 2021 net loss more than doubled compared to the previous year’s quarter and estimated Q3 2021 revenues which lagged analysts’ consensus. During the earnings call that day, senior management in part blamed increased clinician turnover for the downward pressure on financial performance, disclosed they saw this trend midway through Q2 2021, and explained that new clinicians would be less productive for up to six months.
On this news, the Company’s share price declined by $10.16 per share, or approximately 46.46%, from $21.87 per share to close at $11.71 per share on August 12, 2021.
Then, on November 8, 2021, after the market closed, LifeStance announced its third quarter 2021 financial results, reporting net loss of $120.5 million compared to a net loss of $3.3 million the prior year.
On this news, the Company’s share price declined by $3.10 per share, or approximately 24.2%, from $12.83 per share to close at $9.73 per share on November 9, 2021.
If you purchased or otherwise acquired LifeStance securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP 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 LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211111006099/en/