SmileDirect Claims California Dentist Conspiracy Harmed Business [Yahoo! Finance News]
SmileDirectClub, Inc. (SDC)
Last smiledirectclub, inc. earnings: 2/25 04:03 pm
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Source: Yahoo! Finance News
SmileDirect Claims California Dentist Conspiracy Harmed Business ) -- SmileDirectClub Inc., which sells clear orthodontic aligners, alleges dentists who serve on a regulatory board in California conspired to hurt the company’s business to protect their own practices. In a lawsuit filed Wednesday in federal court, SmileDirect alleges the Dental Board of California had an investigator conduct “a series of coordinated raids” on the company’s retail locations, known as SmileShops. The California Dental Board declined to comment on the lawsuit. SmileDirect didn’t immediately respond to a request for comment. Shares of Nashville, Tennessee-based SmileDirect were down 4.6% to $9.54 at 3:01 p.m. in New York, after earlier falling as much as 13%, after a short-seller on Twitter cited the lawsuit and the disclosure about the raids. SmileDirect offers an alternative to traditional braces, which are installed in an orthodontist office and have to be regularly adjusted. The company instead offers
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