| COMPANY |
Owlet, Inc. f/k/a Sandbridge Acquisition Corporation |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
21-cv-09016 |
| JUDGE |
Honorable Fernando L. Aenlle-Rocha |
| CLASS PERIOD |
March 31, 2021 through October 4, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Owlet, Inc. (“Owlet”) (NYSE: OWLT; OWLT WS) f/k/a Sandbridge Acquisition Corporation (“Sandbridge”) (NYSE: SBG; SBG WS) securities between March 31, 2021 and October 4, 2021, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the FDA 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, the Defendants’ positive statements about Owlet’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On January 31, 2025, Plaintiff filed a Settlement Agreement. The Court took the Motion for Approval of the Class Action Settlement under submission on February 24, 2025. This action is ongoing.
f you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.