NEW YORK, March 01, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Butterfly Network, Inc. f/k/a/ Longview Acquisition Corp. (“Butterfly” or the “Company”) (NYSE: BFLY). A complaint has been filed on behalf of investors who purchased or otherwise acquired Butterfly securities between February 16, 2021 and November 15, 2021.
On February 16, 2021, Butterfly’s securities began publicly trading on the NYSE following the closing of a merger between Longview Acquisition Corp., a special purpose acquisition company, or SPAC, and Butterfly, a digital health company that develops, manufactures, and commercializes ultrasound imaging solutions in the U.S. and internationally.
On November 15, 2021, Butterfly announced its financial results for the third quarter of 2021. In a press release, Butterfly advised that the Company's total gross margin for the quarter was negative 35% and that the Company expected its revenue for 2021 to be $60 million to $62 million, significantly below the guidance it previously issued of $76 million to $80 million. That same day, on an earnings call to discuss the Company's financial results for the third quarter, Butterfly's CEO, Todd Fruchterman, stated that the Company's results were impacted by "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 price fell $1.08 per share, or 12.55%, to close at $7.52 per share on November 15, 2021.
If you are a member of the proposed Class, you may move the court no later than April 18, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
