RADNOR, Pennsylvania., 25 November 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP Notifies Investors that Securities Class Action has been filed against Owlet, Inc. (âOwletâ) (NYSE: OWLT) f / k / a Sandbridge Acquisition Corp. (NYSE: SBG) (“Sandy Bridge”). The action accuses Owlet of violations of federal securities laws, including fraudulent omissions and misrepresentation regarding the business, operations and prospects of the company. As a result of Owlet’s materially misleading representations to the public, Owlet’s investors suffered significant losses.
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PRINCIPAL COMPLAINANT DEADLINE: January 18, 2022
COURSE PERIOD: March 31, 2021 through October 4, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Free (844) 887-9500 or by email at [email protected]
OWLET’S ALLEGED FAULT
Owlet, headquartered at Lehi, Utah, operates as a digital parenting platform, focusing on delivering real-time data and information to parents. Its products include: Owlet Monitor Duo which gets a snapshot of baby’s well-being; Owlet Smart Sock which tracks baby’s heart rate and oxygen while sleeping and receives notifications if baby needs to be monitored; Owlet Cam, a smart HD video baby monitor; and Dream Lab, an online and personalized infant sleep solution.
At July 15, 2021, Sandbridge amalgamated with Owlet Baby Care Inc., and the amalgamated company was renamed Owlet. Then, on October 4, 2021, Owlet revealed that he had received a warning letter from the US Food and Drug Administration (âFDAâ). The FDA letter informed Owlet that the marketing of the Owlet Smart Sock in United States “makes the Smart Sock a medical device requiring pre-market authorization or FDA approval, and that [Owlet] has not obtained such authorization or approval in violation of Federal Food, Drug and Cosmetic Law. Smart Sock for uses in measuring blood oxygen saturation and pulse rate when these measurements are intended to identify or diagnose desaturation and bradycardia using an alarm feature to notify users that the measurements are outside the predefined 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, not later than January 18, 2022, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the class. Kessler Topaz Meltzer & Check, LLP encourages Owlet investors who have suffered significant losses to contact the company directly for more information.
CLICK HERE TO SUBSCRIBE TO THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the most significant financial interest and who are also suitable and typical of the proposed investor category. The lead plaintiff chooses a lawyer to represent the lead plaintiff and the class and these lawyers, if approved by the court, are the lead or class advocates. Your ability to participate in any recovery is not affected by the decision whether or not to serve as a principal applicant.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, fault and neglect on the part of businesses and trustees. In the end, we were successful if the bad guys pay and you get your holdings back. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (free call)
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SOURCE Kessler Topaz Meltzer & Check, LLP