HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Alerts Owlet, Inc. (OWLT) Investors to Contact Firm's Attorneys Now, Firm Investigating Possible Securities Law Violations
Owlet, Inc. (OWLT) Investigation:
The firm’s investigation focuses on Owlet’s claims about its in-home pediatric monitoring and analytics technologies which are intended to detect infant ailments such as respiratory syncytial virus and supraventricular tachycardia and, thereby, decrease infant death due to Sudden Unexplained Infant Death and Sudden Infant Death Syndrome.
Specifically, according to Owlet, the Company’s key product “Smart Sock” is not a medical device and does not require marketing authorization or certification as a medical device by the FDA.
Owlet’s claims came into serious question on Oct. 4, 2021, when the Company announced the FDA sent it a Warning Letter (1) asserting Owlet’s marketing of Smart Sock in the U.S. renders the product a medical device that has not received FDA-required premarket clearance or approval, in violation of federal law, and (2) requesting 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 ailments and notify users that measurements are outside of preset values.
On this news, the Company’s share price fell sharply lower on Oct. 4, 2021.
“We’re focused on investors’ losses and whether Owlet lied to investors about the growth prospects for its apparently illegal marketing of the Smart Sock,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Owlet and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Owlet should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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 Reed Kathrein at 844-916-0895 or email mailto:[email protected].
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Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP