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Class action lawsuit against Teladoc dismissed
Telehealth
Jul 10, 2023
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Jul 10, 2023

Class action lawsuit against Teladoc dismissed

Industry news

  • A securities class action lawsuit against Teladoc, the global Telehealth giant, has been dismissed. The lawsuit, filed over a year ago , alleged that Teladoc had misled shareholders about the challenges it would face following its merger with Livongo in 2020.

  • The dismissal was based on a registered statement filed by Teladoc with the US Securities and Exchange Commission (SEC), which mentions the company’s reservations with regard to the merger, stating, “Combining the business of Teladoc and Livongo may be more difficult, costly, or time-consuming than expected… the failure to integrate successfully the businesses and operations of Teladoc and Livongo in the expected time frame may adversely affect the combined company's future result.”

  • Analyst QuickTake : While Teladoc did not experience any major adverse effects in FY2021 from the merger, the company’s performance declined in FY2022 (where it posted a net loss per share of USD 84.60 in FY2022 , compared to a loss of USD 2.73 in FY2021). This resulted in Teladoc’s stock price plummeting from highs of ~USD 293 in February 2021 to ~USD 70 by end of February 2022. The management is experiencing a recovery in FY2023 (net losses to be between USD 1.75 per share and USD 1.25 per share). 

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