On October 19, 2023, during market hours, The Bear Cave released a report entitled “Problems at LifeStance Health (LFST)”. In this report, The Bear Cave stated that, through numerous Freedom of Information Act requests, it had uncovered “dozens of complaints concerning overbilling, fraudulent billing, and unfair and deceptive business practices.” Further, “[a]fter reviewing the evidence”, The Bear Cave stated that it “is left wondering whether LifeStance is a thriving therapy franchise or an illegal billing operation with therapy on the side.”

On this news, the price of LifeStance stock price fell by $0.54, or 8.89%, to close at $5.53 per share on October 19, 2023.