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.
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; toll-free at (844) 887-9500; 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.