SAN FRANCISCO, Oct. 4, 2019 /PRNewswire/ -- Hagens Berman notifies investors in SmileDirectClub, Inc. (NASDAQ: SDC) of the pending securities class action and urges SDC investors who have suffered losses in excess of $50,000 to contact the firm.
CLASS PERIOD: Sept. 8, 2019 – Oct. 2, 2019
LEAD PLAINTIFF DEADLINE: Dec. 2, 2019
Call: Reed Kathrein, who is leading the firm's investigation: (510) 725-3000
SDC Securities Class Action:
According to the Complaint, Defendants misled investors by making misleading statements concerning and/or concealing the following: (1) administrative personnel, rather than licensed doctors, provided treatment to SmileDirectClub's customers and monitored their progress; (2) the Company's practices did not qualify as teledentistry under applicable standards; and, as a result, (3) the Company was subject to regulatory scrutiny for the unlicensed practice of dentistry.
On October 4, 2019, Hindenburg Research published a scathing report, "SmileDirectClub: Moving Fast and Breaking Things in People's Mouths – 85% Downside." According to the report, Alabama and Georgia dental boards have enacted rules that render some of the Company's practices illegal and the American Dental Association and the American Association of Orthodontists have (1) alleged that SmileDirectClub puts patients in danger and is practicing medicine illegally, and (2) filed complaints with the FTC, FDA, and at least 36 state boards.
"We're focused on investors' losses and whether Defendants' IPO materials were misleading," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding SmileDirectClub should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email mailto:SDC@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP