| 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 |
The Honorable Fernando L. Aenlle-Rocha |
| CLASS PERIOD |
March 31, 2021 -October 4, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or 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”); and/or held Sandbridge common stock as of June 1, 2021 and were eligible to vote at Sandbridge’s special meeting on July 14, 2021.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors 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 December 22, 2023, Lead Plaintiffs filed an amended complaint. Defendants filed a Motions to Dismiss on February 9, 2024. On August 5, 2024, The Court entered an Order granting Sandbridge Defendants' Motion to Dismiss as to the 14(a) Complaint and denying all other Motions to Dismiss. Owlet Defendants filed Answers to Complaint and Motion for Reconsideration on Order on Motion to Dismiss on August 19, 2024. This action is ongoing.
If 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.