SDC CLASS ACTION DEADLINE: Bernstein Liebhard LLP Announces the Filing of a Securities Class Action Against SmileDirectClub, ...
November 07 2019 - 11:29AM
Business Wire
Bernstein Liebhard LLP, a nationally acclaimed investor rights
law firm, announces that a securities class action lawsuit has been
filed on behalf of shareholders of SmileDirectClub, Inc.
(“SmileDirectClub” or the “Company”) (NASDAQ: SDC) between
September 8, 2019, and October 2, 2019, inclusive (the “Class
Period”). The lawsuit filed in the United States District Court for
the Eastern District of Michigan seeks to recover damages for
SmileDirectClub investors under the Securities Act of 1933.
If you purchased SmileDirectClub securities, and/or would
like to discuss your legal rights and options please visit
SmileDirectClub Shareholder Class Action or contact Matthew E.
Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 2, 2019. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Your ability to share in any recovery
doesn’t require that you serve as lead plaintiff. If you choose to
take no action, you may remain an absent class member.
The complaint alleges that throughout the Class Period,
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,
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.
On September 24, 2019, a class action complaint was filed by
dentists, orthodontists, and consumers against SmileDirectClub,
alleging false advertising, fraud, negligence, and unfair and
deceptive trade practices.
On this news, the Company’s share price fell $1.47, or nearly
9%, to close at $15.68 per share on September 24, 2019, on
unusually heavy trading volume. The price stock continued to
decline over the next two trading sessions by $2.74, or over 17%,
to close at $12.94 per share on September 26, 2019, on unusually
heavy trading volume. By the commencement of this action, the
Company’s stock was trading as low as $12.94 per share, a nearly
44% decline from the $23 per share IPO price.
If you purchased SmileDirectClub securities, and/or would
like to discuss your legal rights and options please visit
https://www.bernlieb.com/cases/smiledirectclubincorporated-sdc-shareholder-class-action-lawsuit-stock-fraud-195/apply
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20191107005762/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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