Contacting Robbins LLP will remind you if you have lost money at Owlet Inc. f / k / a Sandbridge Acquisition Corporation (OWLT)
SAN DIEGO, CA / ACCESSWIRE / December 9, 2021 / Shareholder law firm Robbins LLP remind investors that a class action lawsuit has been filed on behalf of all persons and entities who purchased securities of Owlet, Inc. f / k / a Sandbridge Acquisition Corporation (NYSE: OWLT) between March 31, 2021 and October 4, 2021, or held common shares of Sandbridge shares as of June 1, 2021 and were entitled to vote at the Sandbridge special meeting on July 14, 2021. The complaint alleges violations of the Securities Exchange Act of 1934.
If you have suffered a loss as a result of Owlet Inc.’s misconduct, click here.
Owlet Inc. (OWLT) misled investors about its business outlook
According to the complaint, on July 15, 2021, Sandbridge joined forces with Owlet Baby Care Inc. (the “Business Combination”). Owlet designs and sells products and services that allow parents to proactively monitor the health and well-being of their children. Owlet’s flagship product is Smart Sock – a baby monitor that allows parents to track an infant’s oxygen levels, heart rate, and sleep patterns in real time.
On October 4, 2021, Owlet revealed that he had received a warning letter from the FDA, which stated that “the company’s marketing of its product Owlet Smart Sock… makes [it] a medical device requiring pre-market authorization or FDA approval. “Owlet has not obtained the necessary clearance or approval. The FDA” requests the Company to cease commercial distribution of the Smart Sock for use in measuring blood oxygen saturation and pulse rate when such 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. Sandbridge investors who could have voted against the business combination and repurchased their shares at $ 10.00 per share suffered a loss of $ 5.81 per share. Owlet has since ceased the distribution of Smart Sock in the United States. .
If you purchased securities of Owlet Inc. (OWLT) between March 31, 2021 and October 4, 2021, or if you hold common shares of Sandbridge on June 1, 2021 and were entitled to vote at the meeting Sandbridge Extraordinary on July 14, 2021, you have until January 18, 2022, to ask the court to name you as the principal plaintiff of the class.
Any representation is on the basis of contingency fees. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recover their losses, improve corporate governance structures, and hold top executives. company responsible for their wrongdoing since 2002. To be notified of a class action lawsuit against Owlet Inc. rule or to receive free alerts when company executives commit wrongdoing, subscribe to Stock watch today.
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THE SOURCE: Robbins LLP
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