The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Owlet, Inc. f/k/a Sandbridge Acquisition Corporation (NYSE: OWLT) who purchased shares between March 31, 2021 and October 4, 2021. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the Owlet, Inc. lawsuit alleges that (1) Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the Food and Drug Administration concluded it was a medical device; (2) as a result, Owlet was reasonably likely to cease commercial distribution of the Smart Sock in the U.S. until it obtained the requisite approval; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until January 18, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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