NEW YORK, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Teladoc Health, Inc. (“Teladoc” or the “Company”) (NYSE:TDOC) in the United States District Court for the Southern District of New York, on behalf of a class consisting of investors who purchased or otherwise acquired securities of Teladoc between March 3, 2016 through December 5, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Teladoc’s Chief Financial Officer and Chief Operating Officer, Mark Hirschhorn, was engaged in an inappropriate sexual relationship with a subordinate; (ii) Hirschhorn and this subordinate engaged in insider trading to provide themselves with undue benefits; (iii) Hirschhorn caused the subordinate to receive promotions for which she was unqualified, thereby negatively impacting Teladoc’s operations; (iv) Teladoc’s enforcement of its own purported employment and trading policies were inadequate to prevent the foregoing conduct; and (v) as a result, Teladoc’s public statements were materially false and misleading at all relevant times.

On December 5, 2018, the Southern Investigative Research Foundation (“SIRF”) published an article reporting that Teladoc Health’s Chief Financial Officer, Mark Hirschhorn, had engaged “in an affair with . . . an employee many levels below him on the company’s organizational chart.”  The SIRF article stated that “during their relationship, [the employee] received a series of promotions over colleagues with either more industry experience or better credentials that stunned her former colleagues.”  In addition, the SIRF article reported that the employee and Hirschhorn “liked to trade Teladoc Health’s stock together,” with Hirschhorn “tell[ing] her when he thought there were good opportunities to sell some shares.”  Following publication of the SIRF article, Teladoc stock dropped $4.00 per share, or 6.69%, to close at $55.81 per share on December 6, 2018.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the February 11, 2019 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.