Align Technology Provides Update Regarding SmileDirectClub (SDC) Dispute
June 29 2018 - 7:10PM
Align Technology, Inc. (Nasdaq:ALGN) today provided an update
to its April 25, 2018 disclosure regarding SDC
Financial LLC and SmileDirectClub LLC’s (collectively, the
"SDC Entities") allegation that the launch and operation of Align’s
Invisalign store pilot program constitutes a breach of non-compete
provisions applicable to the members of SDC Financial LLC,
including Align. In April 2018, the SDC Entities initiated
proceedings that seek, among other forms of relief, to
preliminarily and permanently enjoin all activities related to the
Invisalign store pilot project, require Align to close the existing
Invisalign stores, prohibit Align from opening any additional
stores, and allow the SDC Entities to exercise a right to
repurchase all of Align's SDC Financial LLC membership
interests for a purchase price equal to Align’s current capital
account balance.
On June 29, 2018, the Chancery Court for Davidson County,
Tennessee, denied the SDC Entities’ request for a temporary
injunction to prevent Align from opening additional Invisalign
stores. Align will continue to open additional Invisalign
stores as part of its pilot program designed to connect consumers
interested in Invisalign treatment with Invisalign trained
doctors.
Align continues to dispute the allegations that it has breached
its obligations to the SDC Entities under applicable law and will
oppose and vigorously defend itself at the arbitration proceedings
currently scheduled for December 2018.
About Align Technology, Inc.Align Technology
designs and manufactures the Invisalign® system, the most advanced
clear aligner system in the world, and iTero® intraoral scanners
and services. Align’s products help dental professionals achieve
the clinical results they expect and deliver effective,
cutting-edge dental options to their patients. Visit
www.aligntech.com for more information.
For additional information about the Invisalign
system or to find an Invisalign doctor in your area, please visit
www.invisalign.com. For additional information about iTero digital
scanning system, please visit www.itero.com.
Align TechnologyShirley Stacy (408) 470-1150
sstacy@aligntech.com
Ethos Communication: Shannon Mangum
Henderson(678) 261-7803align@ethoscommunication.com
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