Align Tech up on favorable ruling in case against SmileDirectClub

SmileDirectClub

24/08/2023 15:50

** Shares of Align Technology  ALGN.O  rise 1.6% to $365.4
    ** Teeth aligner maker says an order issued by court in
California denied SmileDirectClub's  SDC.O  petition to vacate a
$63 mln arbitration award entered in favor of ALGN
    ** The arbitration award was given to ALGN in October 2022
for breach of supply agreement by SDC, signed by the parties in
2016
    ** ALGN said SDC may appeal the decision by the court of
California, but if the appeal fails the company would be
obligated to pay the judgment plus interest at the rate of 10%
per annum
    ** Including session gains, stock up 74% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))