Lead Plaintiff Deadline Approaching: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Owlet, Inc.
The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Owlet, Inc. ("Owlet") (NYSE: OWLT) f/k/a Sandbridge Acquisition Corp. (NYSE: SBG) ("Sandbridge"). The action charges Owlet with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Owlet's materially misleading statements to the public, Owlet investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: January 18, 2022
CLASS PERIOD: March 31, 2021 through October 4, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
OWLET'S ALLEGED MISCONDUCT
On July 15, 2021, Sandbridge combined with the company Owlet Baby Care Inc., and the combined company was renamed Owlet. Then, on October 4, 2021, Owlet disclosed that it received a warning letter from the U.S. Food and Drug Administration ("FDA"). The FDA's letter informed Owlet that its marketing for the Owlet Smart Sock in the United States "renders the Smart Sock a medical device requiring premarket clearance or approval from FDA, and that [Owlet] has not obtained such clearance or approval in violation of the Federal, Food, Drug, and Cosmetic Act." In the letter, the FDA requested that Owlet take "prompt action" to remedy the alleged violations and that Owlet "cease commercial distribution of the Smart Sock for uses in measuring blood oxygen saturation and pulse rate where such metrics are intended to identify or diagnose desaturation and bradycardia using an alarm functionality to notify users that measurements are outside of preset values."
Following this news, Owlet's stock price fell $1.29, or 23%, to close at $4.19 per share on October 4, 2021.
WHAT CAN I DO?
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
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