A timeline of SmileDirectClub since filing its IPO

Dentists
Written by Mackenzie Garrity | February 20, 2020 | Print |

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Since filing its initial public offering in August 2019, SmileDirectClub has made national headlines for various partnerships and lawsuits.

Below is a timeline of events since the direct-to-consumer dental company went public up until this month.

August 2019

SmileDirectClub filed its initial public offering Aug. 19, after weeks of rumors that the company would be going public. The direct-to-consumer teeth-straightening service company sought to raise $100 million in the IPO, according to the filing. 

September 2019

SmileDirectClub increased the number of shares it offered in its initial public offering, as the company lookied to raise $1.29 billion. The company offered 58,537,000 shares in the IPO, which were priced between $19 to $22 a share.

After SmileDirectClub's debut on the Nasdaq, its stock fell 28 percent Sept. 12, the worst market debut last year for a startup valued at $1 billion or more

Antitrust litigation firm Pomerantz announced Sept. 17 that it was investigating SmileDirectClub’s business practices on behalf of the company’s shareholders. The Pomerantz Firm was investigating certain SmileDirectClub officers and directors for engagement in securities fraud or other unlawful business practices.

In a putative class action lawsuit, filed Sept. 25, against SmileDirectClub, orthodontists and consumers alleged that the company committed fraud and misled buyers.

October 2019

Investors who purchased SmileDirectClub common stock during the company's initial public offering in September have filed a class-action lawsuit claiming SmileDirectClub made false and misleading statements, according to an Oct. 2 news release.

After multiple recent legal complaints filed against SmileDirectClub, the company broke its silence Oct. 4, denying all allegations.

SmileDirectClub announced Oct. 9 that it would be building a new manufacturing lab in Kyle, Texas, which was expected to generate hundreds of jobs.

SmileDirectClub released a statement Oct. 14 against legislation introduced in California that would require dentists to review radiographic images before a patient undergoes treatment.

After a series of raids at its retail locations, SmileDirectClub filed a lawsuit Oct. 16 against the Dental Board of California. In the suit, SmileDirectClub claims dentists on the board conspired to jeopardize the company's business. 

November 2019

SmileDirectClub announced Nov. 12 total revenue for the 2019 third quarter was $180.3 million. 

A Delaware lawsuit filed Nov. 22 claimed SmileDirectClub was aware of regulatory hurdles threatening the company, but still sold stock at above-market prices during its initial public offering.

December 2019

SmileDirectClub announced Dec. 17 that it would expand into Germany in 2020.

Twenty-one consumer plaintiffs under a class-action complaint against SmileDirectClub withdrew their claims, leaving one plaintiff in court and one in arbitration, according to a Dec. 18 news release.

January 2020

SmileDirectClub announced Jan. 6 that it would roll out a suite of products exclusively in Walmart stores and on the retailer's website.

SmileDirectClub announced Jan. 7 its move into Asia, opening two new locations in Hong Kong.

The Superior Court of New Jersey ruled Jan. 10 that the allegations against SmileDirectClub that it illegally practiced dentistry brought on by the New Jersey Dental Association were without merit.

SmileDirectClub planned to sell its clear aligners directly to dentists and orthodontists through a wholesale channel. SmileDirectClub is now able to sell its products directly to providers since its exclusive supply agreement with Align Technology ended Dec. 31, 2019.

Nine members of the U.S. House of Representatives, including five dentists, three physicians and one pharmacist, sent the FDA and Federal Trade Commission a letter "to express [their] concern regarding SmileDirectClub," according to a Jan. 28 news release from the American Association of Orthodontists.

February 2020

Hidden cameras placed at SmileDirectClub shops in Ohio, New Jersey and Alabama recorded employees misguiding patients, telling them they don't have to see a dentist before starting treatment, according to NBC News, which placed the hidden cameras.

SmileDirectClub said the NBC investigation into its employee practices misrepresents the teledentistry company, according to a Feb. 14 statement. The company said the NBC piece misrepresents the quality of care provided by dentists who use its platform and that it was "surprised by the journalist's blatant disregard for the facts and failure to include all of the accurate information we provided."

SmileDirectClub called the complaint filed by California's Dental Board against its chief clinical officer and company dentist, Jeffrey Sulitzer, DMD, "a retaliatory accusation."

More articles on dental:
'It's not mandatory': Hidden cameras at SmileDirectClub shops show employees misguiding patients
Viewpoint: Modernized care means lifting limits on dental therapists
Texas dental office abruptly closes, leaving patients, care records in limbo

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