Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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”). Butterfly investors have until April 18, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Butterfly investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
If you purchased Butterfly securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005903/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
