LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has initiated an investigation on behalf of Butterfly Network , Inc. (“Butterfly” or the “Company”) f/k/a Longview Acquisition Corp. (“Longview”) (NYSE: BFLY) investors regarding the Company’s possible violations of federal securities laws.
If you have suffered a loss on your Butterfly investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/ cases/butterfly-network-inc/. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by 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 revenue for fiscal 2021 to be up. ‘at $20 million lower than its original forecast of $76-80 million. Butterfly’s CEO blamed the disappointing financial results on “healthcare logistical challenges and fatigue of doctors, nurses and medical technicians at the same time as COVID conditions and its broad consequences.”
On this news, Butterfly’s stock fell $1.08, or 12.6%, to close at $7.52 per share on Nov. 15, 2021, hurting investors.
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Notice of denunciation: Individuals with nonpublic information regarding Butterfly should consider their options for assisting the investigation or taking advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected]
Glancy Prongay & Murray LLP is a leading law firm representing investors and consumers in securities litigation and other complex class actions. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 report. In 2018, GPM was ranked among the top five law firms for the number of securities class action settlements and among the top six law firms for the full amount of the settlements. With four offices across the country, nearly 40 GPM attorneys have won groundbreaking decisions and recovered billions of dollars for investors and consumers in securities, antitrust, consumer and employment class action lawsuits. GPM attorneys have handled cases covering a wide range of corporate misconduct, including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings advice and forward-looking statements, audit misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities matters involving nearly every industry and sector of the capital markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financials, insurance, information technology, healthcare, biotechnology, cryptocurrency, medical devices. , and much more. GPM’s past successes have been widely covered by major industry news and publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reutersthe Associated press, Barrons, Investor’s Business Daily, Forbesand Money.
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Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, California 90067