NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT). The investigation concerns whether Owlet has violated the federal securities laws and/or engaged in other unlawful business practices.
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 “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. The Company also disclosed that the FDA “request[ed] 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 share price declined by $1.29 per share, or approximately 23.5%, from $5.48 per share to close at $4.19 per share on October 4, 2021.
If you purchased or otherwise acquired Owlet securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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