Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline in Securities Fraud Class Action Lawsuit against Owlet, Inc. and Encourages Investors with Substantial Losses to Contact the Firm
RADNOR, PA / ACCESSWIRE / November 27, 2021 / Law firm Kessler Topaz Meltzer & Check, LLP informs investors that a class action lawsuit has been filed against Owlet, Inc. (“Owlet”) (NYSE: OWLT) f / k / a Sandbridge Acquisition Corp. (NYSE: SBG.)) (“Sand Bridge”). The lawsuit charges Owlet with violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. Owlet investors have suffered significant losses as a result of Owlet’s materially misleading statements to the public.
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CLOSING DEADLINE: January 18, 2022
CLASS PERIOD: March 31, 2021 to October 4, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS: James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or email at email@example.com
OWLET’SSPECIFIED FAULT BEHAVIOR
Headquartered in Lehi, Utah, Owlet acts as a digital parenting platform focused on giving parents real-time data and insights. Its products include: Owlet Monitor Duo, which takes a snapshot of the baby’s wellbeing; Owlet Smart Sock that tracks the baby’s heart rate and oxygen while sleeping and receives notifications when the baby needs to be examined; Owlet Cam, a smart HD video baby monitor; and Dream Lab, a personalized online sleep solution for infants.
On July 15, 2021, Sandbridge merged with Owlet Baby Care Inc. and the merged company was renamed Owlet. Then, on October 4, 2021, Owlet announced it had received a warning letter from the US Food and Drug Administration (“FDA”). In the letter from the FDA, Owlet was informed that the marketing of the Owlet Smart Sock in the United States “makes the Smart Sock a medical device that must be approved or approved by the FDA before it can be placed on the market, and that [Owlet] has not received such clearance or approval in violation of federal, food, drug and cosmetic laws. “In the letter, the FDA requested that Owlet take” immediate action “to remedy the alleged violations and that Owlet” take commercial action. ” Distribution of the Smart Sock for use in measuring blood oxygen saturation and pulse rate, where such metrics are used to identify or diagnose desaturation and bradycardia by using an alarm function to notify users that measurements are outside of preset values . “
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Following the news, Owlet’s share price fell $ 1.29, or 23%, to close at $ 4.19 per share on October 4, 2021.
WHAT CAN I DO?
Owlet investors can by January 18, 2022 at the latest, seek to be appointed as lead class agent through Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Owlet investors who have suffered significant losses to contact the company directly for more information.
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Who can be a lead plaintiff?
A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. The main plaintiff is usually the investor or small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the group, and those attorneys, if approved by the court, are lead or class plaintiffs. Your ability to participate in a recovery will not be affected by whether or not you wish to be the lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts across the country and worldwide. The company has built a worldwide reputation for excellence and reclaimed billions of dollars for victims of corporate fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by companies and trustees. Ultimately, we succeeded if the bad guys pay and you get your wealth back. The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE: Kessler Topas Meltzer & Check, LLP
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