PHILADELPHIA, June 15, 2023 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Owlet, Inc. (NYSE: OWLT) ("Owlet") on behalf of the company's long-term shareholders.
Owlet operates as a digital parenting platform that focuses on giving real-time data and insights to parents. The current company was formed in July 2021via a business combination with SPAC entity Sandbridge Acquisition Corporation (NYSE: SBG), with Owlet as the surviving, public entity. At that time, Owlet reported that "the Company's bestselling flagship product, the Owlet Smart Sock baby monitor, uses proprietary and innovative pulse-oximetry technology to track a baby's heart rate, oxygen levels and sleep patterns to provide parents with invaluable peace of mind."
On October 4, 2021, Owlet disclosed that it had received a warning letter from the U.S. Food and Drug Administration ("FDA"), which stated "that Owlet's marketing and functionality in the U.S. renders the Smart Sock a medical device requiring premarket clearance or approval from FDA, and that Owlet has not obtained clearance or approval." Following this this news, Owlet's stock price fell $1.29 per share, or 23% in value, to close at $4.19 per share on October 4, 2021, on unusually heavy trading volume. Subsequently, in November 2021, Owlet announced that it was terminating the production and sale of the Owlet Smart Sock.
The firm's investigation seeks to determine whether Owlet and/or the company's representatives violated the securities laws or breached their fiduciary duties to shareholders in connection with the business combination, thereby causing investor losses.
Current Owlet stockholders who purchased or acquired shares of OWLT or SBG stock prior to June 1, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (skaskela@kaskelalaw.com / abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/owlet/, to receive additional information about this investigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
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SOURCE Kaskela Law LLC
