According to the Complaint, Butterfly Network, Inc. is a digital health company.

On November 20, 2020, almost one year into the ongoing COVID-19 pandemic, Butterfly issued a press release announcing that it had entered into a merger agreement with Longview Acquisition Corp., a special purpose acquisition company ("SPAC") formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On February 12, 2021, Longview shareholders voted to approve the merger at a special shareholder meeting on the basis of the proxy statement issued in connection with the merger. Following the consummation of the merger on February 16, 2021, Longview changed its name to “Butterfly Network, Inc.” and Butterfly stock began trading on the New York Stock Exchange.

The Complaint alleges that, the Proxy was negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing its preparation. Additionally, the Complaint alleges the Proxy and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Butterfly had overstated its post-Merger business and financial prospects; (ii) 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; (iii) accordingly, Butterfly’s gross margin levels and revenue projections were less sustainable than the Company had represented; (iv) all the foregoing was reasonably likely to have a material negative impact on Butterfly’s business and financial condition; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 8, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 1. Lead Plaintiff filed a second amended Complaint on February 24, 2023. Defendants filed a Motion to Dismiss the second amended Complaint on April 24. On February 13, 2025, the Court issued an Order granting in part Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.