At last check, SmileDirectClub Inc. shares were trading at $9.75 shedding -8.28% in the premarket session. Almost stable, SmileDirectClub stock declined -0.05% to close at $10.63 on Monday. The SDC stock has moved down by -3.89% in the past week but is up by 52.95% over the past 12 months. SDC stock is falling following an official disclosure of a breach in security.
What did actually happen?
SmileDirectClub is a company in the oral care industry that developed the first medtech platform for orthodontics. SDC, with its advanced telehealth technology and vertically integrated model, is revolutionizing the oral care industry, enabling consumers to receive safe, effective orthodontics treatment that costs a fraction of what it would for traditional orthodontics.
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SmileDirectClub disclosed in an SEC filing in May 3, 2021, that the company experienced a systems outage caused by a cybersecurity attack on April 14, 2021.
- With regard to the Incident, SDC swiftly implemented containment and remediation measures, including temporary isolation and shutting down of affected systems and related manufacturing operations.
- Security engineers at SDC mobilized immediately and engaged leading security forensic companies to assist with the investigation.
- These efforts resulted in the blocking of the attack for SDC.
- No ransom was paid and SDC’s systems and operations are again functioning normally.
- SDC has been conducting its ongoing investigation into the incident and consulting with its third-party advisors to better understand and quantify the impact it has had on the Company’s business, its financial results, and its operations.
As of yet, what SDC found?
So far, SmileDirectClub (SDC) has discovered that no data has been lost as a result of the Incident, or that there has been no unauthorized access to, or dissemination of, private customer as well as team member information. But as a result of the Incident, SDC has been forced to delay some aspects of their business, including treatment planning, manufacturing operations, and product delivery.