Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Owlet, Inc. (OWLT) on Behalf of Investors - Yahoo Finance
LOS ANGELES, October 04, 2021--(BUSINESS WIRE)--Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Owlet, Inc. ("Owlet" or the "Company") (NYSE: OWLT) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Owlet investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/owlet-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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, the Company’s stock price fell as much as 23% during intraday trading on October 4, 2021, thereby injuring investors.
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Whistleblower Notice: Persons with non-public information regarding Owlet should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the 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 Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
source: https://finance.yahoo.com/news/glancy-prongay-murray-llp-leading-230000960.html
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