RADNOR, Pa.–(BUSINESS WIRE)–The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Owlet, Inc. (“Owlet”) (NYSE: OWLT) f/k/a Sandbridge Acquisition Corp. (NYSE: SBG) (“Sandbridge”). The action charges Owlet with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Owlet’s materially misleading statements to the public, Owlet investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: January 18, 2022
CLASS PERIOD: March 31, 2021 through October 4, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at firstname.lastname@example.org
OWLET’S ALLEGED MISCONDUCT
Owlet, headquartered in Lehi, Utah, operates as a digital parenting platform, focusing on giving real-time data and insights to parents. Its products include: Owlet Monitor Duo that gets the snapshot of baby’s wellbeing; Owlet Smart Sock that tracks baby’s heart rate and oxygen while sleeping and gets notifications if baby needs to be checked on; Owlet Cam, a smart HD video baby monitor; and Dream Lab, an online and personalized infant sleep solution.
On July 15, 2021, Sandbridge combined with the company Owlet Baby Care Inc., and the combined company was renamed Owlet. Then, on October 4, 2021, Owlet disclosed that it received a warning letter from the U.S. Food and Drug Administration (“FDA”). The FDA’s letter informed Owlet that its marketing for the Owlet Smart Sock in the United States “renders the Smart Sock a medical device requiring premarket clearance or approval from FDA, and that [Owlet] has not obtained such clearance or approval in violation of the Federal, Food, Drug, and Cosmetic Act.” In the letter, the FDA requested that Owlet take “prompt action” to remedy the alleged violations and that 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 desaturation and bradycardia using an alarm functionality to notify users that measurements are outside of preset values.”
Following this news, Owlet’s stock price fell $1.29, or 23%, to close at $4.19 per share on October 4, 2021.
WHAT CAN I DO?
Owlet investors may, no later than January 18, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other 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 firm directly to acquire 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 directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of 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 businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.