SmileDirectClub, Inc. (NYSE: SDC)
A class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan of purchasers of SmileDirectClub, Inc. (NYSE: SDC) securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company's September 2019 initial public offering (“IPO”) ("Class Period").
In September 2019, SmileDirect sold approximately 58.5 million shares of Class A common stock at a price of $23.00 per share in an initial public offering. 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. The dentists' false advertising complaint disputed the accuracy of several statements in the Registration Statement and highlighted that the Company is subject to litigation for operating as a dentist without proper licensing in several states, as well as other litigation.
On this news, SmileDirect's share price fell nearly $1.47 per share to close at $15.68 per share on September 24, 2019. SmileDirect's stock has since traded as low as $11.68 per share, a nearly 50% decline from the $23.00 IPO price.
If you are a current shareholder and/or purchased stock pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company's September 2019 initial public offering (“IPO”) ("Class Period"), and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.