SmileDirectClub tanks on California bill, bringing loss since September IPO to nearly 60%

Jordan Katzman, co-founder of SmileDirectClub Inc., left, and Alex Fenkell, co-founder of SmileDirectClub Inc., watch traders during the company's initial public offering at the Nasdaq MarketSite in New York, U.S., on Thursday, Sept. 12, 2019.Shares of SmileDirectClub plummeted more than 13% on Monday after California Governor Gavin Newsom signed a bill that protects consumers who use teledentistry products.

"While this bill does not preclude SmileDirectClub's continued operations in California, it will create unnecessary hurdles and costs to Californians that need care but struggle to afford it.

Despite the regulatory headwinds, Wall Street remains positive on the stock. Eight major Wall Street firms initiated coverage on the stock last Monday with

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