Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Owlet, Inc. (OWLT) - Yahoo Finance

BENSALEM, Pa., November 22, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 18, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who (a) purchased Owlet, Inc. ("Owlet" or the "Company") (NYSE: OWLT) f/k/a Sandbridge Acquisition Corporation ("Sandbridge") securities between March 31, 2021 and October 4, 2021, inclusive (the "Class Period"); and/or (b) held Sandbridge common stock held as of June 1, 2021 and were eligible to vote at Sandbridge’s special meeting on July 14, 2021.

Investors suffering losses on their Owlet investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

On July 15, 2021, Sandbridge combined with Owlet Baby Care Inc., a company that designs and sells products and services for parents to proactively monitor the health and wellness of their children, and the combined company was renamed Owlet (the "Business Combination").

On October 4, 2021, Owlet revealed that it had received a warning letter from the U.S. Food and Drug Administration ("FDA"), which stated that "the Company’s marketing of its Owlet Smart Sock product . . . renders [it] a medical device requiring premarket clearance or approval from FDA." Owlet has not obtained such clearance or approval. Moreover, the FDA "requests the Company 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."

On this news, Owlet’s stock price fell $1.29, or 23%, to close at $4.19 per share on October 4, 2021, on unusually heavy trading volume. As a result, Sandbridge investors who could have voted against the Business Combination and redeemed their shares at $10.00 per share suffered a loss of $5.81 per share.

source: https://finance.yahoo.com/news/deadline-reminder-law-offices-howard-163000213.html

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