According to the Complaint, SmileDirectClub, Inc. purports to be the “first direct-to-consumer medtech platform for transforming smiles” that manufactures, markets, and sells clear aligner treatments.

The Complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that administrative personnel, rather than licensed doctors, provided treatment to the Company’s customers and monitored their progress; (2) that, as a result, the Company’s practices did not qualify as teledentistry under applicable standards; (3) that, as a result, the Company was subject to regulatory scrutiny for the unlicensed practice of dentistry; (4) that the efficacy of the Company’s treatment was overstated; (5) that the Company had concealed these deceptive marketing practices prior to the IPO; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On November 18, 2019, the Court issued an Order transferring this case to the Middle District of Tennessee under Docket CV-19-01057.

On January 27, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 19-CV-00962.

Lead Plaintiff filed a consolidated Complaint on February 21, 2020. On March 30, 2021, Lead Plaintiff filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on May 14. On September 30, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On October 13, 2023, the Court issued an Order staying the case after receiving notice that SmileDirectClub, Inc. had filed a petition in the United States Bankruptcy Court for the Southern District of Texas.