PHR DEADLINE: Levi & Korsinsky Reminds Phreesia, Inc. Investors of Upcoming Securities Class Action Deadline

Time-Sensitive: Allegations Focus on Overstated Growth Durability and AccessOne Acquisition Representations

NEW YORK, May 20, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in Phreesia, Inc. (NYSE: PHR) of a pending securities class action. Class Period: May 8, 2025 through March 30, 2026. Check if you can recover your investment losses or contact Joseph E. Levi, Esq. at [email protected] | (212) 363-7500.

Phreesia shares fell approximately $3.03 per share, a 27% decline, after the Company slashed its fiscal 2027 revenue outlook from $545-$559 million to $510-$520 million. The Court has set July 13, 2026 as the deadline to apply for lead plaintiff appointment.

How Acquisition Promises and Growth Durability Claims Allegedly Misled the Market

Throughout the Class Period, the lawsuit asserts, management told investors that Phreesia possessed multiple durable growth levers that would sustain double-digit revenue expansion into fiscal 2027. Central to this narrative was the Company's November 2025 acquisition of AccessOne, which was expected to contribute approximately 6.5% of fiscal 2027 total revenue. Management described AccessOne as a "market-leading solution" addressing a "large and growing problem" in provider financing and healthcare receivables.

At the same time, as alleged in the action, Phreesia promoted emerging products including MediFind, Phreesia OnCall, and its HCP marketing platform as additional catalysts. The Company claimed these initiatives would "enable us to sustain growth and enhance stakeholder value." The action claims these representations overstated the reliability of Phreesia's growth trajectory while obscuring deteriorating pharmaceutical marketing commitments.

The Durability Illusion: What Investors Were Allegedly Told

• Management repeatedly characterized Network Solutions pharmaceutical spend as resilient, stating that Phreesia was "more often than not the platform that is the receiver of dollars" due to strong ROI
• The Company projected AccessOne would deliver meaningful revenue contribution, integrating it into fiscal 2027 guidance at 6.5% of total revenue
• Emerging products like VoiceAI, post-script engagement, and HCP marketing were presented as opening a "multibillion-dollar" opportunity
• Management described the Company's competitive position as strengthening, with "a lot of demand" for new AI offerings and provider solutions
• Quarterly stakeholder communications characterized Phreesia's ability to "align both sides of the care conversation" as a unique, unmatched market advantage

"Investors deserve transparency about material risks that could affect their investments. When a company promotes acquisition synergies and new product catalysts as reliable growth drivers, shareholders are entitled to know if underlying demand conditions are weakening." -- Joseph E. Levi, Esq.

Why the Growth Story Allegedly Unraveled

On March 30, 2026, the Company disclosed that pharmaceutical manufacturers were committing significantly lower spend levels for the second half of fiscal 2027 than anticipated. The lawsuit contends this was not a sudden development. Rather, as alleged, management had promoted a growth narrative built on acquisition contributions, new product launches, and expanding pharmaceutical partnerships while awareness of softening commitment levels was growing internally. The $35-$39 million gap between original and revised guidance represented a material contraction in projected growth from 14-16% to approximately 6-8%.

Speak with an attorney about recovering damages or call (212) 363-7500.

WHY LEVI & KORSINSKY -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.

Frequently Asked Questions About the PHR Lawsuit

Q: Who is eligible to join the PHR investor lawsuit? A: Investors who purchased PHR stock or securities between May 8, 2025 and March 30, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: What specific misstatements does the PHR lawsuit allege? A: The complaint alleges Phreesia made materially false or misleading statements regarding the durability of its growth drivers, including acquisition contributions and pharmaceutical marketing commitments, during the Class Period. When the true state was revealed, the stock price declined sharply.

Q: What do PHR investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my PHR shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the Class Period and sold at a loss may still participate.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP