Owlet, Inc. (OWLT)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT). The investigation concerns whether Owlet and certain of its officers and/or directors have violated federal securities laws.
On October 4, 2021, Owlet revealed 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. Moreover, the FDA "requests 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, Owtlet’s stock price fell $1.29 per share, or 23.54%, to close at $4.19 per share on October 4, 2021.
If you are aware of any facts relating to this investigation, or purchased Owlet shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.