- IPO SmileDirectClub (SDC N/A), a direct competitor of Align Technology (ALGN -2.3%), stumbles out of the gate in its first day of trading. Shares are down 16% from its $23 offer price on turnover of over 24M.
- Adding to the sour mood is a Forbes piece citing governance concerns with its many related transactions with affiliates of Chairman & CEO David Katzman's investment shop, Camelot Venture Group. The company paid Camelot over $3M last year for consulting services, over $8M to a Camelot affiliate for freight costs and $1M to another Camelot affiliate to lease a private plane (pages 157 - 158 in S-1).