SMILEDIRECTCLUB SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In SmileDirectClub, Inc. To Contact The Firm
New York, New York--(Newsfile Corp. - October 9, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in SmileDirectClub, Inc. (NASDAQ: SDC) ("SmileDirectClub" or the "Company") of the December 2, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of Michigan on behalf of all those who purchased SmileDirectClub common stock pursuant and/or traceable to the Company's September 13, 2019 IPO. The case, Andre v. Smiledirectclub, Inc. et al., No. 19-cv-12883 was filed on October 2, 2019, and has been assigned to District Judge Nancy G. Edmunds.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (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.
Since SmileDirectClub's IPO, the Company's share price has declined from its IPO price of $23.00 by approximately 44%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding SmileDirectClub's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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