SmileDirect leaders spend $15M+ on shares

Shares of SmileDirectClub jumped a whopping 24 percent Wednesday after its chairman and CEO and his son — who co-founded the company six years ago — spent nearly $16 million to build their stakes in the maker of dental aligner.

Chairman and CEO David Katzman on Monday cut checks for $10.3 million to snap up nearly 1.3 million shares via two separate entities. The 60-year-old Katzman, who has previously backed Quicken Loans and 1-800 Contacts and already is SmileDirect’s controlling shareholder, paid a bit more than $8 apiece for his new shares.