Teladoc Health, Inc. (NYSE: TDOC)
NEW YORK, NY – June 13, 2022 – Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against announces that a class action lawsuit has been filed against Teladoc Health, Inc. (“Teladoc” or the “Company”) (NYSE: TDOC) in the United States District Court for the Southern District of New York on behalf of all those that purchased or otherwise acquired Teladoc securities between October 28, 2021 and April 27, 2022, both dates inclusive (the “Class Period”).
All investors who purchased the shares of Teladoc Health, Inc. and incurred losses are advised to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774.
If you have incurred losses in Teladoc Health, Inc., you may, no later than August 5, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Teladoc Health, Inc.
The filed complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- increased competition, among other factors, was negatively impacting Teladoc’s BetterHelp and chronic care businesses;
- accordingly, the growth of those businesses was less sustainable than Defendants had led investors to believe;
- as a result, Teladoc’s revenue and adjusted EBITDA projections for FY 2022 were unrealistic;
- as a result of all the foregoing, Teladoc would be forced to recognize a significant non-cash goodwill impairment charge; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
On April 27, 2022, Teladoc announced its first quarter (“Q1”) 2022 financial results, including revenue of $565.4 million, which missed consensus estimates by $3.23 million, 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 FY 2022 revenue guidance to $2.4 – $2.5 billion and adjusted EBITDA guidance to $240 – $265 million “to reflect dynamics we are currently experiencing in the [D2C] mental health and chronic condition markets.” On a conference call with investors and analysts that day to discuss Teladoc’s Q1 2022 results, Defendants largely attributed the Company’s poor performance, revised FY 2022 guidance, and $6.6 billion non-cash goodwill impairment charge to increased competition in its BetterHelp and chronic care businesses.
On this news, Teladoc’s stock price fell $22.48 per share, or 40.15%, to close at $33.51 per share on April 28, 2022.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at firstname.lastname@example.org
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
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Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 08/17/2022