Shares of SmileDirectClub, Inc. (SDC) jumped 4.3% in extended trading yesterday after the company announced that the Eleventh Circuit Court had ruled in the company’s favor.
SmileDirectClub is an oral care company known for its groundbreaking teeth straightening technology. The company provides teledentistry, through which a customer can use a mouth impressions kit at home or take photographs of their teeth at a local SmileShop. These photographs are sent to a SmileDirectClub lab which then assigns a dentist to follow up with a treatment plan.
The company has a long ongoing legal battle against the Georgia Dental Board and Alabama Dental Board for their anti-competitive behavior. (See SmileDirectClub stock charts on TipRanks)
Yesterday, an en banc panel of the U.S. Court of Appeals for the Eleventh Circuit sided with the company, rejecting the Georgia Board of Dentistry’s attempt to shield itself from antitrust liability through an interlocutory appeal.
Susan Greenspon Rammelt, the company’s Chief Legal Officer and EVP of Business Affairs said, “We are grateful for the support of the FTC and DOJ in this matter and look forward to a similar ruling in connection with the Alabama Dental Board’s appeal of a lower court ruling in our favor.”
The stock has an overall Hold consensus rating based on 4 Buys, 2 Holds, and 2 Sells. The average SmileDirectClub price target of $11.50 implies 64.8% upside potential to current levels. Shares have lost 24.7% over the past year.
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