U.S. Markets close in 3 hrs 57 mins

Invisalign Maker’s Ex-Vice President Accused of Insider Trading

·1 min read

(Bloomberg) -- A former vice president at Align Technology Inc. was accused by the Securities and Exchange Commission of trading on confidential information about the maker of Invisalign teeth straighteners.

Most Read from Bloomberg

Todd C. Doucette, 50, made nearly $349,000 in illegal profits by buying Align shares ahead of company earnings announcements in April 2018 and October 2020, the SEC said in a suit filed Tuesday in federal court in New Hampshire.

Doucette worked at the Tempe, Arizona-based company from March 2016 to July 2021, most recently serving as vice president of business transformation for the Americas, according to the suit.

A lawyer for Doucette couldn’t immediately be identified.

According to the SEC, Doucette traded on information he received ahead of the April 2018 announcement that there had been positive growth in key metrics, including the number of net receipts and shipments for Invisalign products in the Americas region.

The regulator said Doucette also traded on other confidential information he learned before the company’s third-quarter earnings announcement in October 2020 -- including data showing that gross receipts for Invisalign case shipments had increased 34.6% during the quarter when compared to the same period a year earlier.

The SEC is seeking an order forcing Doucette to give up all ill-gotten gains as well as pay a civil penalty.

The case is SEC v Doucette, 22-cv-348, US District Court, District of New Hampshire.

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.