Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Butterfly Network, Inc. f/k/a Longview Acquisition Corp. (BFLY)
LOS ANGELES, March 23, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming April 18, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Butterfly Network, Inc. (“Butterfly” or the “Company”) f/k/a Longview Acquisition Corp. (“Longview”) (NYSE: BFLY) securities between February 16, 2021 and November 15, 2021, inclusive (the “Class Period”).
If you suffered a loss on your Butterfly investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/butterfly-network-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On February 16, 2021, Longview completed its Merger with Butterfly.
Then on November 15, 2021, Butterfly released its third quarter 2021 financial results, revealing that the Company’s total gross margin for the quarter was negative 35% and that it expected its fiscal 2021 revenue to be as much as $20 million below its initial guidance of $76 to $80 million. Butterfly’s CEO blamed the disappointing financial results on “healthcare logistical challenges, and doctor, nurse, and medical technician fatigue concurrent with COVID conditions and it’s broad consequences.”
On this news, Butterfly’s stock fell $1.08, or 12.6%, to close at $7.52 per share on November 15, 2021, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Butterfly had overstated its post-Merger business and financial prospects; (2) notwithstanding the ongoing COVID-19 pandemic, Butterfly’s financial projections failed to take into account the pandemic’s broad consequences, which included healthcare logistical challenges, and medical personnel fatigue; (3) accordingly, Butterfly’s gross margin levels and revenue projections were less sustainable than the Company had represented; (4) all the foregoing was reasonably likely to have a material negative impact on Butterfly’s business and financial condition; and (5) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
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If you purchased or otherwise acquired Butterfly securities during the Class Period, you may move the Court no later than April 18, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com
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