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SAN FRANCISCO, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Owlet, Inc. (NYSE: OWLT) investors and Sandbridge Acquisition Corp. (NYSE: SBG) investors with significant losses to submit your losses now.
Class Period: Mar. 31, 2021 – Oct. 4, 2021
Lead Plaintiff Deadline: Jan. 18, 2022
Contact An Attorney Now:
Owlet, Inc. (OWLT) Securities Fraud Class Action:
The lawsuit focuses on Owlet’s claims about its in-home pediatric monitoring and analytics technologies which are intended to detect infant ailments such as respiratory syncytial virus and supraventricular tachycardia and, thereby, decrease infant death due to Sudden Unexplained Infant Death and Sudden Infant Death Syndrome.
More specifically, before and after Owlet’s merger with Sandbridge Acquisition, Owlet maintained that its key product “Smart Sock” is not a medical device and does not require marketing authorization or certification as a medical device by the FDA.
According to the complaint, Defendants failed to disclose to investors (1) that Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the FDA concluded it was a medical device, and (2) that, as a result, Owlet was reasonably likely to cease commercial distribution of the Smart Sock in the U.S. until it obtained the requisite approval.
The complaint alleges investors began to learn the truth on Oct. 4, 2021, when Owlet disclosed the FDA sent it a Warning Letter asserting the Smart Sock is a medical device sold in the U.S. without requisite FDA premarket clearance or approval, in violation of federal law. In addition, the FDA requested 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 ailments and notify users that measurements are outside of preset values.
This news drove the price of Owlet shares sharply lower.
“We’re focused on investors’ losses and proving Owlet lied to investors about the growth prospects for its apparently illegal marketing of the Smart Sock,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Owlet or Sandbridge and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Owlet or Sandbridge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email OWLT@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895