SmileDirect Club (NASDAQ:SDC), now down 5.2%, fell as much as 13% after short-seller Hindenberg Research says via Twitter that
the teledentistry company didn’t disclose to potential investors in its
IPO filings that the company’s stores in California had been “raided”
as part of an investigation.
The short-seller wrote, “The company knew of these
raids and that an investigation that taken place in the largest state
in the U.S., and investors did not.”
The post included an excerpt from a lawsuit filed today by SmileDirect against the Dental Board of California.
Neither the tweet nor the excerpt gave the timing of when the “raids” took place.
https://seekingalpha.com/news/3506655-smiledirect-drops-short-seller-tweets-raids
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