SAN DIEGO, November 20, 2021– (COMMERCIAL THREAD) –Robbins Geller Rudman & Dowd LLP announces that: (a) buyers or purchasers of securities of Owlet, Inc. f / k / a Sandbridge Acquisition Corporation (NSYE: OWLT; OWLT WS; SBG; SBG WS) between March 31, 2021 and October 4, 2021, both dates included (the “Recourse Period”); and / or (b) holders of Sandbridge Common Shares on June 1, 2021 who were entitled to vote at the Sandbridge Special Meeting on July 14, 2021, are eligible to seek appointment as lead applicant in Butala v. Owlet, Inc. f / k / a Sandbridge Acquisition Corporation, No. 21-cv-09016 (CD Cal.). Started November 17, 2021, Owlet The class action lawsuit accuses Owlet, some of his senior executives, and some Sandbridge directors of violations of the Securities Exchange Act of 1934.
If you wish to serve as the principal applicant of the Owlet class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected] Principal applicant’s requests for Owlet The class action must be filed with the court no later than January 18, 2022.
CASE ALLEGATIONS: Sandbridge was a Special Purpose Acquisition Company (“SPAC”) – also known as a Blank Check Company – formed for the purpose of effecting a merger, stock exchange, asset acquisition, a share purchase, reorganization or similar business combination with one or more businesses. On July 15, 2021, Sandbridge partnered with Owlet Baby Care Inc., a company that designs and sells products and services for parents to proactively monitor the health and well-being of their children, and l combined company was renamed Owlet, Inc. Owlet’s flagship product is called Smart Sock, a baby monitor that allows parents to track an infant’s oxygen levels, heart rate and sleep patterns in real time using the Owlet app.
The Owlet The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading representations and failed to disclose that: (i) Owlet was reasonably likely to be required to obtain wagering clearance the market for the Smart Sock because the United States Food and Drug Administration (“FDA”) found it to be a medical device; (ii) accordingly, Owlet was reasonably likely to cease commercial distribution of the Smart Sock in the United States until it obtained the required approval; and (iii) therefore, the defendants’ positive statements about Owlet’s business, operations and outlook were materially misleading and / or lacking a reasonable basis.
On October 4, 2021, Owlet revealed that he had received a warning letter from the FDA, which claimed that Owlet’s “marketing of its product Owlet Smart Sock … made [it] a medical device requiring pre-market authorization or FDA approval. “Owlet has not obtained such authorization or approval. Additionally, the FDA warning letter” asks the Company to cease commercial distribution of the Smart Sock for use in measuring blood oxygen saturation and pulse rate when such measurements are intended to identify or diagnose desaturation and bradycardia using a feature d ‘alarm to inform users that the measurements are outside the predefined values.
Launch of Robbins Geller Rudman & Dowd LLP a dedicated SPAC working group protect investors in blank check companies and seek redress for malpractice. Comprised of experienced litigators, investigators and forensic accountants, the PSPC task force is dedicated to eradicating and prosecuting fraud on behalf of aggrieved PSPC investors. The increase in blank check financing presents unique risks for investors. Robbins Geller’s PSPC Task Force represents the forefront of integrity, honesty and fairness in this rapidly developing area of investment.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Owlet securities during the Class Period and holders of Sandbridge common stock as of June 1, 2021 who were eligible to vote at the special meeting of Sandbridge on July 14, 2021 to seek appointment as lead applicant in the Owlet class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering Owlet class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. Owlet class action lawsuit. The ability of an investor to participate in any potential future recovery of the Owlet the class action is not dependent on serving as the principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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JC Sanchez, 800-449-4900