NEW YORK, NY / ACCESSWIRE / June 26, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Teladoc Health Inc. ("Teladoc" or the "Company") (NYSE:TDOC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Teladoc and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until July 16, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Teladoc securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On February 20, 2024, Teladoc filed its annual report for 2023 with the U.S. Securities and Exchange Commission and held an earnings call to discuss the Company's results. Among other items, Teladoc's annual report disclosed substantially higher advertising costs, reporting advertising and marketing spend of approximately $668.854 million, compared to $623.536 million in 2022. Teladoc attributed the increase to "higher digital and media advertising costs related to BetterHelp", the Company's online mental health counseling platform and its largest division. Teladoc further disclosed that BetterHelp revenue fell by $1 million compared to the year prior and by $10 million between the third and fourth quarters of 2023. Teladoc also reported that BetterHelp lost members for two consecutive quarters, despite the Company's increased advertising spend.
On this news, Teladoc's stock price fell $4.85 per share, or 23.67%, to close at $15.64 per shareon February 21, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP