On July 5, the judge dismissed the lawsuit stating that the plaintiff did not provide enough information to show that the company’s statements misled possible investors, according to the suit obtained by Becker’s.
The lawsuit, which was originally filed June 6 on behalf of parties that purchased Teladoc shares between October and April, accused the company, along with CEO Jason Gorevic and CFO Mala Murthy, of downplaying competition in the mental health and chronic care business sectors, along with issuing “unrealistic” financial expectations for 2022, to attract investors.
The lawsuit also cited Teladoc’s first-quarter 2022 earnings report, in which the company reported a total net loss of $6.6 billion as well as a “non-cash goodwill impairment” charge of $6.6 billion. The plaintiff alleged that stakeholders would suffer “significant losses and damages” and asked that Teladoc be required to pay damages sustained by the plaintiffs.
After Teladoc filed a motion for dismissal, the judge granted it July 5.
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