OWLT ALERT: Investors with Substantial Losses Have Opportunity to Lead Owlet, Inc. f/k/a Sandbridge Acquisition Corporation Class Action Lawsuit

SAN DIEGO–(BUSINESS WIRE) –Robbins Geller Rudman & Dowd LLP announces that: (a) any purchaser or acquirer of securities of Owlet, Inc. f / k / a Sandbridge Acquisition Corporation (NSYE: OWLT; OWLT WS; SBG; SBG WS) between March 31, 2021 and October 4 2021, including both dates, (the “Class Period”); and / or (b) Holders of Sandbridge common stock on or after June 1, 2021 who were eligible to vote at the Sandbridge Special Meeting on July 14, 2021, are entitled to void the appointment of Principal Plaintiff at Butala v. Owlet, Inc. f / apply. k / a Sandbridge Acquisition Corporation, No. 21-cv-09016 (CD Cal.). The Owlet class action lawsuit, commenced on November 17, 2021, charges Owlet, some of its top executives, and certain Sandbridge directors of violating the Securities Exchange Act of 1934.

If you would like to act as the lead plaintiff in the Owlet class action, please complete your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at [email protected]. Motions by lead plaintiffs for the Owlet class action must be filed in court no later than January 18, 2022.

CASE ALLEGES: Sandbridge was a Purpose Acquisition Company (“SPAC”) – also known as a Blankoscheck Company – which was formed for the purpose of conducting a merger, exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more Companies. On July 15, 2021, Sandbridge merged with Owlet Baby Care Inc., a company that develops and sells products and services for parents to proactively monitor the health and wellbeing of their children, and the merged company was renamed Owlet, Inc. . Owlet’s flagship product is Smart Sock, a baby monitor that allows parents to use the Owlet app to track an infant’s oxygen levels, heart rate and sleep trends in real time.

Owlet’s class action alleges that, during the class action period, defendants made false and misleading statements and failed to disclose that: (i) Owlet was reasonably likely to have received marketing authorization for the Smart Sock because of the US Food and Drug Administration (“FDA”) concluded that it is a medical device; (ii) as a result, it was reasonably likely that Owlet would cease commercializing the Smart Sock in the United States pending approval; and (iii) as a result, Defendants’ positive statements about Owlet’s business, business and prospects were materially misleading and / or unfounded.

On October 4, 2021, Owlet announced that it had received a warning letter from the FDA alleging that Owlet would “stop marketing its Owlet Smart Sock product. . . power [it] a medical device that requires FDA clearance or approval prior to being placed on the market. ”Owlet has not received that clearance or approval. In addition, the FDA warning letter “calls on the company to discontinue commercial distribution of the Smart Sock for measuring blood oxygen saturation and pulse rate if such metrics are used to identify or diagnose desaturation and bradycardia using an alarm function to alert users that measurements are outside “. of preset values. ”Because of this news, Owlet’s share price fell about 23%, causing damage to investors.

Robbins Geller Rudman & Dowd LLP has started a special SPAC task force to protect investors in blank check companies and seek redress for corporate misconduct. The SPAC Task Force consists of experienced litigation attorneys, investigators and forensic accountants and is dedicated to detecting and prosecuting fraud on behalf of aggrieved SPAC investors. The rise in blank check funding poses unique risks for investors. Robbins Geller’s SPAC Task Force represents the vanguard in ensuring integrity, honesty and equity in this rapidly evolving area of ​​investment.

THE LEAD APPLICANT TRIAL: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Owlet securities during the class action period and holders of Sandbridge common stock from June 1, 2021 to attend the Sandbridge Special Meeting on July 14th In 2021, were eligible to vote for appointment as lead plaintiff in the Owlet class action lawsuit. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all the other group members in directing the Owlet class action. The lead plaintiff can choose a law firm of their choice to bring the Owlet class action lawsuit. An investor’s ability to participate in a possible future recovery of the Owlet class action lawsuit does not depend on being the lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have won many of the largest shareholder recoveries in history, including the largest securities class action of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for getting $ 1.6 billion back for investors last year, more than double the amount paid by any other securities plaintiff firm was drafted. More information is available at http://www.rgrdlaw.com.

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