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BOSTON, Oct. 17, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that there have been new allegations implicating SmileDirectClub, Inc. (NASDAQ: SDC) which may impact the securities class action against the Company, which is pending in the Eastern District of Michigan and captioned Andre v. Smiledirectclub, Inc. et al., No. 19-cv-12883 (E.D. Mich.).
The class action complaint alleges that SmileDirectClub made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Among other things, it is alleged that the Defendants failed to disclose to investors that administrative personnel, rather than licensed doctors, provided treatment to the Company’s customers and, as a result, the Company was subject to regulatory scrutiny for the unlicensed practice of dentistry.
New allegations came to light on October 17, 2019, when the investitive firm Hindenburg Research reported in a series of tweets that SmileDirectClub filed a complaint in the Central District of California in which the Company disclosed that it was “raided state-wide by the Dental Board of California” in 2018. This alleged fact was not adequately disclosed in the offering documents for the Company’s September 2019 initial public offering.
If you purchased or otherwise acquired SmileDirectClub securities pursuant and traceable to the registration statement and prospectus issued in connection with the Company’s September 13, 2019 IPO, and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting http://shareholder.law/sdc. Class members interested in serving as lead plaintiff are required to move for appointment by December 2, 2019 and are encouraged to contact Block & Leviton LLP to learn more.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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