INVESTOR ALERT: Kirby McInerney LLP Reminds Investors of the Upcoming Deadline in SmileDirectClub, Inc. Securities Litigation
02 November 2019 - 8:59AM
Business Wire
The law firm of Kirby McInerney LLP reminds investors of the
upcoming deadline to file a lead plaintiff motion in the pending
class action lawsuit on behalf of investors who acquired
SmileDirectClub, Inc. (“SmileDirectClub” or the “Company”) (NASDAQ:
SDC) Class A common stock (a) pursuant and/or traceable to the
Company’s September 12, 2019 initial public offering (“IPO”), or
(b) during the period from September 8, 2019 through October 2,
2019, inclusive (the “Class Period”). Investors have until
December 2, 2019 to apply to the Court to be appointed as
lead plaintiff in the lawsuit.
If you acquired SmileDirectClub securities, have information, or
would like to learn more about these claims, please contact Ira M.
Press or Robert H. Familiar of Kirby McInerney LLP at 212-371-6600,
email at investigations@kmllp.com, or complete this contact form to
discuss your rights or interests with respect to these matters
without any cost to you.
The lawsuit asserts claims against the Company, certain of its
officers and directors, the IPO underwriters, and the Company’s
controlling shareholder. Claims are asserted pursuant to Sections
11 and 15 of the Securities Act of 1933, and Sections 10(b), 20(a),
and 20A of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder.
The complaint alleges that the Company: (i) made materially
false and misleading statements in the IPO offering documents
related to the promotion, design, and efficacy of its purported
“teledentistry” products, resulting in an inflated IPO price of
$23.00 per share; (ii) knowingly concealed deceptive marketing
practices prior to the IPO; and (iii) failed to reveal the extent
of its litigation liability in several states for operating as a
dentist without proper licensing.
On September 24, 2019, a class action complaint was filed in the
U.S. District Court for the Middle District of Tennessee by
dentists, orthodontists, and consumers against the Company and
certain of its officers and directors for false advertising, fraud,
negligence, and unfair and deceptive trade practices. The lawsuit
alleges that inaccurate statements were made in the Company’s IPO
offering documents, that SmileDirectClub is subject to litigation
for operating as a dentist without proper licensing in several
states, and that SmileDirectClub and certain of its officers and
directors engaged in efforts to cover up criticisms from dental
professionals and consumers. On this news, the Company’s share
price fell nearly 9%, from $17.15 to $15.68. The share price
continued to fall over the next two trading days to reach a low of
$12.94. On October 23, 2019, the day this securities class action
was filed, the Company’s stock was trading as low as $9.44 per
share, a decline of nearly 60% from the $23.00 per share IPO
price.
If you purchased or otherwise acquired SmileDirectClub
securities and are interested in joining this action, you may do so
by completing the applicable certification form found on the firm’s
SmileDirectClub litigation page. Investors have until December
2, 2019 to request to be appointed as lead plaintiff in this
action.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191101005622/en/
Kirby McInerney LLP Ira M. Press, Esq. Robert H. Familiar (212)
371-6600 investigations@kmllp.com www.kmllp.com
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