NEW YORK, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT) and Sandbridge Acquisition Corp. (“Sandbridge”) (NYSE: SBG), a special acquisition corporation.
On July 15, 2021, Owlet announced the completion of its business combination with Sandbridge and started trading on the New York Stock Exchange.
On October 4, 2021 before the market opened, Owlet disclosed receipt of a Warning Letter, dated October 1, 2021, from the United States Food and Drug Administration (“FDA”) concerning the improper marketing of the Company’s flagship product, the Owlet Smart Sock (the “Smart Sock”). The Warning Letter asserts that the Company’s marketing of the Smart Sock in the United States renders the Smart Sock a medical device requiring premarket clearance or approval from FDA, and that the Company has not obtained such clearance or approval in violation of the Federal, Food, Drug, and Cosmetic Act. The Warning Letter requests that the Company take prompt action to address the alleged violations and “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.”
Following this news, Owlet’s shares fell $1.29 per share, over 23%, to close at $4.19 per share on October 4, 2021
If you purchased or otherwise acquired Owlet or Sandbridge securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
