Kessler Topaz Meltzer & Check, LLP Reminds Investors of Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Filed Against Owlet, Inc. (OWLT)

RADNOR, Pa., Jan. 17, 2022 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP is informing investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Owlet, Inc. (“Owlet”) (NYSE: OWLT) f/k/a Sandbridge Acquisition Corp. (NYSE:SBG) (“Sandbridge”). The lawsuit alleges Owlet’s violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of Owlet’s materially misleading statements to the public, Owlet’s investors have suffered significant losses.

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CLICK HERE TO SUBMIT YOUR OWL LOSSES

LIMIT FOR THE PLAINTIFF: January 18, 2022

COURSE PERIOD: March 31, 2021 to October 4, 2021

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or email [email protected]

owls ALLEGED MISCONDUCT

Headquartered in Lehi, Utah, Owlet operates as a digital parenting platform focused on giving parents real-time data and insights. Products include: Owlet Monitor Duo, which captures a snapshot of baby’s well-being; Owlet Smart Sock, which tracks baby’s heart rate and oxygen while they sleep and gets notifications when baby needs checking; Owlet Cam, a smart HD video baby monitor; and Dream Lab, an online personalized 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 that it received a warning letter from the U.S. Food and Drug Administration (“FDA”). The FDA letter informed Owlet that the commercialization of the Owlet Smart Sock in the United States “makes the Smart Sock a medical device requiring FDA pre-approval or approval, and so forth [Owlet] has not obtained such release or authorization in violation of the federal, food, drug and cosmetic statutes. In the letter, the FDA asked Owlet to “take immediate action” to correct the alleged violations and that Owlet “stop commercial distribution of the Smart Sock for measuring blood oxygen saturation and heart rate if such metrics are used to identify or diagnose… desaturation and bradycardia with an alarm function to notify users that measurements are outside of preset values.”

Following this 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 lead plaintiff representative in the class action by Kessler Topaz Meltzer & Check, LLP or other counsel, or may elect to do nothing and remain an absentee class plaintiff. Kessler Topaz Meltzer & Check, LLP encourages Owlet investors who have suffered material 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 acting on behalf of all Group Members in conducting the litigation. The lead 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 counsel to represent the lead plaintiff and class, and such attorneys, where permitted by the court, are principal or class counsel. Your ability to participate in a recovery will not be affected by the decision whether or not to serve as Lead Plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP is pursuing class action lawsuits in state and federal courts across the country and around the world. The company has built an excellent reputation around the world, recovering billions of dollars from victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, wrongdoing and negligence on the part of companies and fiduciaries. At the end of the day, if the bad guys pay and you get your fortune back, we’re done. The action in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Additional information about Kessler Topaz Meltzer & Check, LLP is available at www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 König-von-Prussia-Strasse
Radnor, PA 19087
(844) 887-9500 (toll free)
[email protected]

A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a9ad0e50-2402-464c-8526-71f43da9ade7