SmileDirectClub, Inc. (NASDAQ: SDC)

A class action lawsuit has been filed on behalf of investors who purchased SmileDirectClub, Inc. (“SmileDirect”) (NASDAQ: SDC) common stock. The lawsuit alleges that certain SmileDirect executive officers fraudulently misled investors, causing a significant decline in SmileDirect’s stock price after the truth emerged. The lawsuit seeks to recover monetary damages for SmileDirect investors, with all litigation costs and expenses covered by Murphy Law Firm.
Investor Information

SmileDirect completed its initial public offering (“IPO”) on September 13, 2019, during which is sold approximately 58.5 million shares of common stock at a price of $23.00. The lawsuit alleges that defendants made materially false and misleading statements in the offering documents to investors by characterizing its business as providing a “teledentistry platform” that helps to corrects people’s teeth through the use of “treating doctors” who prescribe custom-made clear aligners and provide continuing treatment to customers. In truth, however, SmileDirect’s practices do not quality as teledentistry under applicable regulations, and administrative personnel (not licensed doctors) were providing treatment to SmileDirect’s customers. The truth began to be revealed on September 24, 2019, when a class action complaint was filed by dentists, orthodontists and consumers against SmileDirect for false advertising, fraud, negligence and unfair and deceptive trade practices, alleging (among other things) that SmileDirect is operating as a dental practice without proper licensing in several states. On this news, SmileDirect's share price fell nearly 9%, or $1.47 per share, in one day, 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.

To join the lawsuit, please provide your information above, or to discuss your rights regarding this class action, please contact A. Brooke Murphy, Esq. at or (405) 389-4989.