SmileDirectClub, Inc. Securities Litigation

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Lawsuit Overview

Defendant:SmileDirectClub, Inc.
Date Filed:October 2nd, 2019
Sector:Health Care
Industry:Medical/Dental Instruments

According to the Complaint, SmileDirectClub purports to be the "first direct-to-consumer medtech platform for transforming smiles" that manufactures, markets, and sells clear aligner treatments.

The Complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that administrative personnel, rather than licensed doctors, provided treatment to the Company's customers and monitored their progress; (2) that, as a result, the Company's practices did not qualify as teledentistry under applicable standards; (3) that, as a result, the Company was subject to regulatory scrutiny for the unlicensed practice of dentistry; (4) that the efficacy of the Company's treatment was overstated; (5) that the Company had concealed these deceptive marketing practices prior to the IPO; and (6) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

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First Identified Complaint

Richard Andre, et al. v. SmileDirectClub, Inc., et al.

Date Filed:October 2nd, 2019
Class Period Start:September 23rd, 2019
Class Period End:October 2nd, 2019
First Identified Complaint Filings
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