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id: 929, Created by Stan Vick, Scout
LifeStance (LFST) Bear Cave's Report Case
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- In mid-October, Bear Cave in its report accused LifeStance of fraudulent behavior. It led to $LFST losing $200M of shareholder value.
- Now, investors may have reasons to suspect LifeStance of unlawful business practices, or The Bear Cave - in price manipulations.
On October 19, 2023, The Bear Cave published a report on LifeStance (LFST) alleging that it "uncovered dozens of complaints concerning overbilling, fraudulent billing, and unfair and deceptive business practices".
Reported included allegations that :
- LifeStance is scheduling therapy appointments without the knowledge of patients to incur spurious cancellation and no-show fees,
- The Company added unearned billing codes to patient bills,
- LifeStance sends bills to people who have never used its services, and
- Multiple employee reviews concerning billing fraud.
On this news, $LFST fell 8.9% and lost over $200 million of its market capitalization, seriously damaging shareholders.
Considering uncovered facts, investors might have grounds to suspect that LifeStance was involved in unlawful business practices, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
19 October 2023