Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Teladoc Health, Inc. (TDOC)
News provided byGlancy Prongay & Murray LLP
Jul 08, 2022, 1:52 PM ET
LOS ANGELES, July 08, 2022 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 5, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Teladoc Health, Inc. (“Teladoc” or the “Company”) (NYSE: TDOC) securities between October 28, 2021 and April 27, 2022, inclusive (the “Class Period”).
If you suffered a loss on your Teladoc investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/teladoc-health-inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On April 27, 2022, Teladoc released its first quarter 2022 financial results, reporting revenue of $565.4 million – $3.23 million less than consensus estimates – and “[n]et loss per share of $41.58, primarily driven by [a] non-cash goodwill impairment charge of $6.6 billion or $41.11 per share.” Additionally, the Company revised its Full Year 2022 revenue guidance “to reflect dynamics we are currently experiencing in the [D2C] mental health and chronic condition markets.” The Company attributed its poor performance to increased competition in its chronic care businesses.
On this news, Teladoc’s stock fell $22.48, or 40.2%, to close at $33.51 on April 28, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, 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, Defendants failed to disclose to investors that: (1) increased competition, among other factors, was negatively impacting Teladoc’s BetterHelp and chronic care businesses; (2) accordingly, the growth of those businesses was less sustainable than Defendants had led investors to believe; (3) as a result, Teladoc’s revenue and adjusted EBITDA projections for FY 2022 were unrealistic; (4) as a result of all the foregoing, Teladoc would be forced to recognize a significant non-cash goodwill impairment charge; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Teladoc securities during the Class Period, you may move the Court no later than August 5, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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