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Published December 22, 2024
Investors were left aching when Dentsply recently announced that its orthodontic aligner brand, Byte, had caused some patients major injuries. Investors quickly sold their shares, dropping Dentsply’s stock price by 28% overnight. Now, some of those sore investors have filed a class action lawsuit against Dentsply to make up for the pain caused.
In 2023, dental device manufacturer Dentsply acquired Byte, a brand of direct-to-consumer invisible aligners. Byte promised its products were doctor-directed, and Dentsply executives talked up the acquisition, especially Byte’s ability to sell new customers on clear aligners.
However, according to the lawsuit, in October 2024, the company revealed that it was in discussions with the FDA because Byte had purposefully targeted low-income consumers who should not have worn dental aligners. These patients were treated anyway and sustained major dental injuries.
In November 2024, Dentsply released its quarterly financials, including an almost $500 million write-down on Byte’s value. Investors quickly dumped their shares. Now, some of those investors are looking to bite back and join the class action lawsuit.